Steadied at the strong support at the 164.30/00 area and bounce here see prices consolidating sharp drop from above the 168.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 171.60 | ** | 29 Apr YTD high | S1 | 165.35 | * | Mar high | |
R3 | 170.00 | * | figure | S2 | 164.30/00 | ** | 2023 year high, congestion | |
R2 | 169.39 | * | 26 Apr high | S3 | 163.70 | * | Feb high | |
R1 | 168.00 | congestion | S4 | 163.00 | 19 Apr low |
Asterisk denotes strength of level
01:20 GMT - Steadied at the strong support at the 164.30/00 area and bounce here see prices consolidating sharp drop from above the 168.00 level. Resistance is now at the 168.00/67 area and lower high sought to further pressure the downside later. Only clearance here will see room for stronger bounce to the 169.39/170.00 area. Meanwhile, support is now at 165.35 and clear break here will expose the 164.30 and 164.00 level to retest. Break here will turn focus lower and see deeper pullback to retrace the strong December/April rally.