Clear break above the 164.00 level see scope for retest of the 165.00 level and 165.35, March YTD high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 167.50 | * | congestion | S1 | 164.00 | * | congestion | |
R3 | 166.00 | * | figure | S2 | 162.60 | * | 2 Apr low | |
R2 | 165.35 | ** | 20 Mar YTD high | S3 | 162.00 | * | congestion | |
R1 | 165.00/17 | * | figure, 9 Apr high | S4 | 161.00 | congestion |
Asterisk denotes strength of level
01:20 GMT - Clear break above the 164.00 level see scope for retest of the 165.00 level and 165.35, March YTD high. Break here will further extend gains from the December low and see room to the 166.00 level. However, mixed daily studies suggest further choppy trade likely below the 165.00/35 highs. Meanwhile, support is raised to the 164.00 level and below here will open up the 162.60/162.00 congestion area to retest. Break here is needed to confirm a top in place at the 164.00/35 highs and open up deeper pullback to retrace the strong rally from the 153.12, December low.