Extending rejection from the 83.5750 all-time high as prices unwind the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6550 | * | extension | S1 | 83.2740 | * | Sep high | |
R3 | 83.6000 | * | figure | S2 | 83.2000 | congestion | ||
R2 | 83.5750 | ** | 19 Apr all-time high | S3 | 83.1560 | * | 10 Apr low | |
R1 | 83.4550 | * | 4 Apr high | S4 | 83.0450 | * | 21 Mar low |
Asterisk denotes strength of level
05:30 GMT - Extending rejection from the 83.5750 all-time high as prices unwind the overbought intraday and daily studies. Nearby see support at 83.2740 then the 83.2000 congestion. Lower will see room to the strong support at the 83.1560 low. This is expected to underpin and limit corrective pullback. Break here, if seen, will turn focus lower and see deeper pullback to retrace the March/April rally. Meanwhile, resistance is at 83.4550, 4 April high. Clearance here, but not expected for now, will open up the 83.5750 high to retest.