Back to pressure the 164.00 level as consolidation gives way to fresh selling pressure below the 168.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 170.00 | figure | S1 | 164.00 | ** | congestion | ||
R3 | 169.39 | * | 26 Apr high | S2 | 163.70 | * | Feb high | |
R2 | 168.00 | * | congestion | S3 | 163.00 | 19 Apr low | ||
R1 | 165.35 | * | Mar high | S4 | 162.27 | * | 12 Apr low |
Asterisk denotes strength of level
01:20 GMT - Back to pressure the 164.00 level as consolidation gives way to fresh selling pressure below the 168.00 level. Negative daily studies highlights risk for break here to extend sharp losses from the 171.60 high. Break of the 164.00 level and 163.70 February high will see room for deeper pullback to retrace strong rally from the December low and see room to the 163.00 level then 162.27/00 area. Meanwhile, resistance at the 165.35/166.00 area now expected to cap and sustain losses from the April lhigh.