Settling back from the 154.79 high as prices unwind the overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 155.80 | ** | 25 Jun 1990 high | S1 | 153.88 | 16 Apr low | ||
R3 | 155.15 | * | 13 Jun 1990 high | S2 | 153.00 | * | congestion | |
R2 | 155.00 | * | figure | S3 | 152.60 | * | 12 Apr low | |
R1 | 154.79 | * | 16 Apr YTD high | S4 | 152.00 | ** | congestion |
Asterisk denotes strength of level
01:00 GMT - Settling back from the 154.79 high as prices unwind the overbought intraday studies and see the 155.00 level keeping out of reach. Daily studies are stretched as well and caution corrective pullback to the 154.00/153.88 support. Would take break here to open up deeper pullback to correct strong run-up from the March low at 146.48 and see scope to the 153.00/152.60 area. Meanwhile, break above the 154.79 high will further extend the underlying bull trend and see scope to 155.00/155.15 area then the 155.80, June 1990 high.