Sharply lower through the 1370.00/1368.00 support following rejection from the 1388.00 bounce high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1400.00 | ** | 16 Apr YTD high | S1 | 1363.00 | ** | Oct 2023 year high | |
R3 | 1393.00 | * | 19 Apr high | S2 | 1360.00 | * | congestion | |
R2 | 1388.00 | * | 1 May high | S3 | 1350.00 | * | Jan high | |
R1 | 1380.00 | * | congestion | S4 | 1343.00 | * | Apr low |
Asterisk denotes strength of level
02:20 GMT - Sharply lower through the 1370.00/1368.00 support following rejection from the 1388.00 bounce high. Both the daily and weekly studies have turned down from overbought areas to pressure the 1363.00, Oct 2023 year high. Break here will see room for deeper pullback to further retrace the March/April rally. Lower will see scope to the strong support at the 1360.00 level then the 1350.00, January high. Meanwhile, resistance is lowered to the 1380.00 level expected to cap and sustaining losses from the 1400.00 high.