Extending corrective pullback from the 1400.00 high as prices unwind overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1420.00 | * | congestion | S1 | 1371.00 | * | 11 Apr high | |
R3 | 1410.00 | * | 26 Oct 2022 low | S2 | 1363.00 | ** | Oct 2023 year high | |
R2 | 1400.00 | ** | 16 Apr YTD high | S3 | 1360.00 | * | congestion | |
R1 | 1390.00 | * | congestion | S4 | 1350.00 | * | Jan high |
Asterisk denotes strength of level
02:35 GMT - Extending corrective pullback from the 1400.00 high as prices unwind overbought daily studies. Below the 1380.00 level see room for retest of the 1371.00 support. Break of the latter will see room for deeper pullback to the strong support at the 1363.00/1360.00 area. Correction expected to give way to fresh buying later and clearing the 1390.00 congestion and 1400.00 level will further extend the bull trend from the February 2023 low. Higher will see room to the 1410.00/1420.00 congestion area.