Break above the 193.55 resistance see prices extending bounce from the 191.30 support
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 200.55 | ** | 29 Apr YTD high | S1 | 193.00 | 7 May low | ||
R3 | 198.00 | * | congestion | S2 | 191.30 | * | Feb high | |
R2 | 195.75/00 | * | 2 May high, congestion | S3 | 190.00 | * | Apr low, congestion | |
R1 | 194.00 | * | congestion | S4 | 188.65 | ** | Nov 2023 year high |
Asterisk denotes strength of level
07:15 GMT - Break above the 193.55 resistance see prices extending bounce from the 191.30 support and unwind the oversold intraday studies. Daily studies have turned mixed at deep oversold areas and suggest room for stronger bounce to correct losses from the 200.55, April YTD high. Above the 194.00 level will see room to the 195.75/196.00 resistance and congestion area. Meanwhile, support is raised to the 193.00 level then the 191.30 low. Break here will see scope for deeper pullback to the 190.00 level then the strong support at 188.65, the November 2023 year high.