Consolidation above the 193.55 support has given way to selling pressure and retest the 192.00/191.76, congestion and mid-week low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 200.55 | ** | 29 Apr YTD high | S1 | 191.76 | * | 1 May low | |
R3 | 198.00 | * | congestion | S2 | 191.30 | * | Feb high | |
R2 | 196.00 | * | congestion | S3 | 190.00 | * | Apr low, congestion | |
R1 | 193.55/60 | * | Mar high, congestion | S4 | 188.65 | ** | Nov 2023 year high |
Asterisk denotes strength of level
06:10 GMT - Consolidation above the 193.55 support has given way to selling pressure and retest the 192.00/191.76, congestion and mid-week low. Both the daily and weekly studies continues to track lower and highlights risk for break here to further extend losses from the 200.55, YTD high. Lower will see room to the 191.30 support then the 190.00 level. Below these will see scope to the strong support at 188.65, the November 2023 year high. Meanwhile, resistance is lowered to the 193.55/60 area and is expected to cap and sustain losses from the April high.