Extend bounce from 1472.00 support

Break above the 1487.00 resistance see prices extending bounce from the 1472.00 support to reach strong resistance at the 1500.00 level

 LevelsImpComment  LevelsImpCommentR41537.00**31 Mar YTD high S11480.00*congestionR31518.00*23 Mar high S21472.00**Feb highR21510.00*congestion S31465.00*61.8% Feb/Mar rallyR11500.00**congestion S41460.00*congestion

Asterisk denotes strength of level

02:50 GMT – Break above the 1487.00 resistance see prices extending bounce from the 1472.00 support to reach strong resistance at the 1500.00 level. Clearance here, will open up room for strong bounce to retest the 1510.00/1518.00 resistance which is expected to cap. Corrective bounce is expected to give way to renewed selling pressure later to retest the 1480.00 and 1472.00 support. Break of the latter will see room to further retrace the January/March gains and see extension to 1465.00, 61.8% Fibonacci retracement and 1460.00 congestion.