No follow-through on break of the 191.30 support
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 195.85 | ** | June 2015 year high | S1 | 191.30 | * | Feb high | |
R3 | 195.25 | * | Aug 2015 high | S2 | 190.00 | * | 12 Apr low, congestion | |
R2 | 193.55 | ** | 20 Mar YTD high | S3 | 188.65 | * | Nov high | |
R1 | 193.00 | * | 10 Apr high | S4 | 188.00 | ** | Mar low, congestion |
Asterisk denotes strength of level
06:40 GMT - No follow-through on break of the 191.30 support with rebound above the 190.00 level seeing return to consolidate at the 192.00 level. Lower high sought to further pressure the downside later and clear break of 191.30 support will expose the 190.00 low to retest. Break here needed to confirm a top in place at the 193.55 high and see room for deeper correction of the December/April rally. Lower will see room to the strong support at the 188.65/188.00 area. Meanwhile, resistance at the 193.00 level and the March YTD high at 193.55 expected to cap. Only clearance will further extend the underlying bull trend from the 2020 year low and shift focus to the 195.25/195.85, August/June 2015 multi-year high.