Bounce at the 83.2740 support see prices consolidating pullback from the 83.5750 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6000 | * | figure | S1 | 83.2740 | * | Sep high | |
R3 | 83.5750 | ** | 19 Apr all-time high | S2 | 83.2000 | congestion | ||
R2 | 83.4550 | * | 4 Apr high | S3 | 83.1560 | * | 10 Apr low | |
R1 | 83.4200 | * | Nov high | S4 | 83.0450 | * | 21 Mar low |
Asterisk denotes strength of level
04:50 GMT - Bounce at the 83.2740 support see prices consolidating pullback from the 83.5750 high and unwinding oversold intraday studies. Consolidation seen giving way to fresh selling pressure later and break of the 83.2740 support will see room for deeper pullback to the 83.2000 congestion. Below this will further extend losses to the strong support at the 83.1560 low which is expected to underpin and limit corrective pullback. Break, if seen, will turn focus lower to retrace the March/April rally. Meanwhile, resistance is lowered to the 83.4200/83.4550, November and 4 April highs, now expected to cap and sustain losses from the 83.5750, 19 April YTD high.