Settling back from the 16284 high as prices unwind the deep overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16625 | ** | 23 Mar 2020 year high | S1 | 16159 | * | 18 Apr low | |
R3 | 16565 | * | 6 Apr 2020 high | S2 | 16100 | * | 16 Apr low | |
R2 | 16400 | * | congestion | S3 | 16000 | * | figure | |
R1 | 16284 | ** | 19 Apr YTD high | S4 | 15964 | ** | 23 Oct 2023 year high |
Asterisk denotes strength of level
03:10 GMT - Settling back from the 16284 high as prices unwind the deep overbought intraday studies. The daily studies are stretched as well and caution corrective pullback with support now raised to the 16159 pullback low. Would take break here to open up deeper correction to the 16100 then the strong support at the 16000 level and 15964, the 2023 year high. Below these will fade the upside pressure and turn focus lower corrective gains from the May 2023 low. Break above the 16284 high, if seen, will see room for extension to the 16400 congestion.