Consolidation at the 11.6500 congestion to unwind oversold intraday studies has given way to selling pressure
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 11.8000 | 3 May high | S1 | 11.6500 | * | congestion | ||
R3 | 11.7850 | * | 1 Apr high | S2 | 11.6000 | * | congestion, 38.2% | |
R2 | 11.7700 | * | 8 May high | S3 | 11.5500 | * | Apr low | |
R1 | 11.7000 | * | congestion | S4 | 11.5100 | * | 50% Dec/May rally |
Asterisk denotes strength of level
07:15 GMT - Consolidation at the 11.6500 congestion to unwind oversold intraday studies has given way to selling pressure at the 11.7700 high. Rejection there see pressure returning to the 11.6500 level and break here will further extend losses from the 11.8700, 1st May YTD high. Lower will see room to the 11.6000 figure and retrace 38.2% of the rally from the late-December low. Negative daily and weekly studies highlights risk for break here to see deeper pullback to the 11.5500, April low. Meanwhile, resistance is lowered to 11.7000 congestion then the 11.7700, lower high.