No follow-through on break of the 1371.00 support as prices unwind the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1371.00 | * | 18 Apt low | |
R3 | 1400.00 | ** | 16 Apr YTD high | S2 | 1363.00 | ** | Oct 2023 year high | |
R2 | 1393.00 | * | 19 Apr high | S3 | 1360.00 | * | congestion | |
R1 | 1380.00 | * | congestion | S4 | 1350.00 | * | Jan high |
Asterisk denotes strength of level
02:30 GMT - No follow-through on break of the 1371.00 support as prices unwind the oversold intraday studies and consolidate losses from the 1400.00 high. However, negative daily studies studies suggest room for further retracement of the March/April rally and clear break of the 1371.00 support will see room to the strong support at the 1363.00/1360.00, previous highs. Below here, if seen, will open up scope to the 1350.00 support at the January high. Meanwhile, resistance is lowered to the 1380.00 congestion and should now cap and sustain losses from the 1400.00 high.