Gains to the 156.00 level and 50% Fibonacci retracement has given way to consolidation as prices unwind the overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 158.44 | * | 29 Apr high | S1 | 154.80 | 16 Apr high | ||
R3 | 158.00 | * | 1 May high | S2 | 154.00 | * | congestion | |
R2 | 157.00 | * | 61.8% Apr/Mar fall | S3 | 153.00 | * | 1 May low, congestion | |
R1 | 156.00 | * | congestion, 50% | S4 | 152.00 | ** | congestion |
Asterisk denotes strength of level
00:50 GMT - Gains to the 156.00 level and 50% Fibonacci retracement has given way to consolidation as prices unwind the overbought intraday studies. Break here, if seen, will see room to further extend gains from the 152.00 support to target the 157.00 level and 61.8% Fibonacci level. However, corrective gains expected to give way to selling pressure later with support now at the 154.80/154.00 congestion area. Would take break here to open up deeper pullback to the 153.00 level then the critical 152.00/151.85 support area.