The immediate risk stays seen higher for a test of key resistance at 4513/4535 – the 78.6% retracement of the 2022 downtrend, ‘reversal day’ high from late April 2022 and now also the top of the uptrend channel that has been in place from March this year. We continue to look for a fresh attempt for a cap here and for a retracement lower/consolidation phase to emerge. Should strength directly extend though, we would see resistance next at 4593, then the March 2022 high at 4637.

Support is seen at 4422 initially, with the immediate risk seen higher whilst above the lower end of the price gap from Friday and 13-day average at 4398/80. A close below here would suggest we may be getting close to a near-term peak, but only back below the 4328 low of last week would be seen to mark a near-term top.