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Near-Term Top

  • RES 4: 108.16 High Jul 1
  • RES 3: 107.62 2.0% Upper Bollinger Band
  • RES 2: 107.22 100-dma
  • RES 1: 107.05 High Aug 13
  • PRICE: 106.46 @ 16:12 BST Aug 14
  • SUP 1: 105.32 Low Aug 5
  • SUP 2: 103.09 Low Mar 12
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.19 Low Mar 9 and major support

Having touched a new recovery high overnight at 107.05 in Asia-Pac hours, markets retreated into NY, with bulls seeming to have trouble at congestion resistance between 107.02-05. A further rally from here would open the 100-dma at 107.22. A close above this level would be the first since July and would open 107.53. To the downside, 103.67 marks key support, the 76.4% retracement.

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