No follow-through on break of the 83.2740 support and bounce from the 83.2650 see prices consolidating pullback from the 83.5750
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6000 | * | figure | S1 | 83.2740 | * | Sep high | |
R3 | 83.5750 | ** | 19 Apr all-time high | S2 | 83.2000 | congestion | ||
R2 | 83.4550 | * | 4 Apr high | S3 | 83.1560 | * | 10 Apr low | |
R1 | 83.4200 | * | Nov high | S4 | 83.0450 | * | 21 Mar low |
Asterisk denotes strength of level
05:10 GMT - No follow-through on break of the 83.2740 support and bounce from the 83.2650 see prices consolidating pullback from the 83.5750 high. Consolidation seen giving way to fresh selling pressure later and break of the 83.2740 support and 83.2650 low will see deeper pullback to the 83.2000 congestion. Below this will further extend losses to the strong support at the 83.1560 low which is expected to underpin and limit corrective pullback. Meanwhile, resistance is lowered to the 83.4200/83.4550, November and 4 April highs. This is now expected to cap and sustain losses from the 83.5750, 19 April YTD high.