Extending bounce from the 152.00/151.85 area as prices unwind the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 158.44 | * | 29 Apr high | S1 | 153.00 | * | congestion | |
R3 | 158.00 | * | 1 May high | S2 | 152.00 | * | congestion | |
R2 | 156.00 | * | congestion | S3 | 151.85 | ** | 3 May low | |
R1 | 154.51/00 | * | congestion | S4 | 150.88 | * | Feb high |
Asterisk denotes strength of level
00:40 GMT - Extending bounce from the 152.00/151.85 area as prices unwind the oversold intraday studies. The daily chart are stretched as well and suggest pause here to consolidate the steep drop from 160.20 high. Regaining the 154.00 level see room for stronger gains to resistance at 154.51 and extending to the 155.00 level. Corrective gains expected to give way to selling pressure later with support now at the 153.00 congestion then the 152.00 congestion and 151.85 low. Break of these will see room for deeper pullback to correct strong rally from the 140.25, late-December low.