Sharply lower to extend reversal from the 1400.00 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1371.00 | * | 11 Apr high | |
R3 | 1400.00 | ** | 16 Apr YTD high | S2 | 1363.00 | ** | Oct 2023 year high | |
R2 | 1390.00 | * | congestion | S3 | 1360.00 | * | congestion | |
R1 | 1380.00 | * | congestion | S4 | 1350.00 | * | Jan high |
Asterisk denotes strength of level
02:35 GMT - Sharply lower to extend reversal from the 1400.00 high as prices unwind the deep overbought intraday and daily studies. Break of the 1380.00 support opens up deeper correction to retrace strong rally from the 1308.00, March low. Lower will see scope to the 1371.00 level then the strong support at the 1363.00/1360.00 area. Below this will see room to retest the January high at 1350.00. Meanwhile, resistance is lowered to the 1380.00 level and now expected to cap and sustain pullback from the 1400.00 high.