Higher in consolidation above the 1371.00/1368.00 support and congestion area but upside seen limited
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1368.00 | * | 24 Apr low | |
R3 | 1400.00 | ** | 16 Apr YTD high | S2 | 1363.00 | ** | Oct 2023 year high | |
R2 | 1393.00 | * | 19 Apr high | S3 | 1360.00 | * | congestion | |
R1 | 1380.00 | * | congestion | S4 | 1350.00 | * | Jan high |
Asterisk denotes strength of level
03:40 GMT - Higher in consolidation above the 1371.00/1368.00 support and congestion area but upside seen limited. Negative daily studies suggest scope for break lower to further retrace the March/April rally. Lower will see room to the strong support at the 1363.00/1360.00, previous highs. Would take break of the latter to open up deeper pullback to the support at 1350.00, January high. Meanwhile, resistance is lowered to the 1380.00/1393.00 congestion area and should now cap and sustain losses from the 1400.00 high.