Extending pullback from the 16265 fresh year high as prices unwind overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16565 | * | 6 Apr 2020 high | S1 | 16100 | * | 16 Apr low | |
R3 | 16400 | * | congestion | S2 | 16000 | * | figure | |
R2 | 16265 | ** | 17 Apr YTD high | S3 | 15964 | ** | 23 Oct 2023 year high | |
R1 | 16200 | congestion | S4 | 15845 | * | Jan high |
Asterisk denotes strength of level
03:30 GMT - Extending pullback from the 16265 fresh year high as prices unwind overbought daily studies after the strong rally above the 2023 year high at 15964. Support is now at 16100 and break here will open up deeper pullback to the 16000 level then the strong support at 15964, the 2023 year high. Break here will turn focus lower and see room to the 15845, January high. Meanwhile, resistance is lowered to 16200 congestion then the 16265, YTD high. Clearance here, if seen, will shift focus to the 16625, 2020 year high.