Centrica – bears in control after last week’s gap down opening
Support – 201.80, 194.20
Resistance – 219.05, 222.20
Gap down opening on May 5 after prices failed to capitalize on a bullish break from a larger falling trend line on daily chart indicates the recovery from Feb 11 low has ended and bears could take it lower to 194.20 levels in short-run.
On the higher side, gap filling may happen, but requires a move above 219.05 levels. However, bearish invalidation is seen only if prices break above falling trend line.
Resistance – 219.05, 222.20
Gap down opening on May 5 after prices failed to capitalize on a bullish break from a larger falling trend line on daily chart indicates the recovery from Feb 11 low has ended and bears could take it lower to 194.20 levels in short-run.
On the higher side, gap filling may happen, but requires a move above 219.05 levels. However, bearish invalidation is seen only if prices break above falling trend line.
