Extending bounce from the 16139 low as prices consolidate losses from the 16284 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16565 | * | 6 Apr 2020 high | S1 | 16139 | 24 Apr low | ||
R3 | 16400 | * | congestion | S2 | 16100 | * | 16 Apr low | |
R2 | 16284 | ** | 19 Apr YTD high | S3 | 16000 | * | figure | |
R1 | 16224 | intraday high | S4 | 15964 | ** | 23 Oct 2023 year high |
Asterisk denotes strength of level
03:00 GMT - Extending bounce from the 16139 low as prices consolidate losses from the 16284 high. However, a deeper pullback not ruled out and break of the 16139 and the 16100 support will open up deeper pullback to retrace the November/April rally. Lower 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. Meanwhile, break above the 16284 high will turn focus to the March/April 2020 highs.