Lower in consolidation from the 16284 high as prices unwind the deep overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16565 | * | 6 Apr 2020 high | S1 | 16100 | * | 16 Apr low | |
R3 | 16400 | * | congestion | S2 | 16000 | * | figure | |
R2 | 16284 | ** | 19 Apr YTD high | S3 | 15964 | ** | 23 Oct 2023 year high | |
R1 | 16209 | * | 22 Apr low | S4 | 15845 | * | Jan high, congestion |
Asterisk denotes strength of level
03:35 GMT - Lower in consolidation from the 16284 high as prices unwind the deep overbought daily studies. However, the downside still limited and see break of the 16100 support needed to open up deeper pullback to retrace the November/April rally. Break will see scope to the strong support at the 16000 level and 15964, the 2023 year high. Below the latter, if seen, will fade the upside pressure and turn focus lower to 15900 then the 15845, January high. Break above the 16284 high will turn focus higher to the March/April 2020 highs.