No follow-through on break of the strong support at the 99.00/98.60 area
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 101.35 | * | Dec 2014 high | S1 | 98.00 | * | congestion | |
R3 | 100.80 | * | 9 Apr YTD high | S2 | 97.65 | * | Jun high | |
R2 | 100.00 | * | figure | S3 | 96.90 | ** | Mar low | |
R1 | 99.58 | * | 18 Apr high | S4 | 96.00 | * | congestion |
06:20 GMT - No follow-through on break of the strong support at the 99.00/98.60 area as prices staged rebound at the 98.00/97.65 support. However, the downside still vulnerable and break here will extend losses from the 100.80 current year high. Lower will see room to the strong support at the 96.90, March low, then the 96.00 level. Meanwhile, resistance is at the 99.58 bounce high and this is now expected to cap. Only clearance here will expose the 100.00 level and the 9 Apr YTD high at 100.80 to retest.