We had a gap up this morning which is about to be filled as I write this. If we move higher we have good resistance around the 1200 level. This is based on 3 factors, firstly the round number at 1200 itself, an old resistance on the weekly charts at 1200.75 and the upward trendline that may come into play around those levels. There is support at 1187.75 and 1183.50 from last week and if we continue to move lower I will be watching the fib retracement drawn from 1171.25 low to todays high. The value area high is 1188.50 and the value area low is 1185, these will also act as areas of support and resistance.
No comments:
Post a Comment