Lower at the open as prices settled back from the 83.5475 all-time high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6550 | * | extension | S1 | 83.4550 | * | 4 Apr high | |
R3 | 83.6000 | * | figure | S2 | 83.4000 | congestion | ||
R2 | 83.5600 | * | extension | S3 | 83.2000 | * | congestion | |
R1 | 83.5475 | ** | 16 Apr all-time high | S4 | 83.1560 | ** | 10 Apr low |
Asterisk denotes strength of level
05:15 GMT - Lower at the open as prices settled back from the 83.5475 all-time high. Further gains not ruled out and higher will see room to the 83.5600 Fibonacci extension target of the strong run-up from the 82.6485, March low. Higher still, will see scope to the 83.6000 figure. Divergence on the daily studies caution corrective pullback with support raised to 83.4550, recent high. Break here will open up deeper corrective pullback to the 83.2000 congestion then the strong support at the 83.1560 low. The latter now underpin and break here is needed to weaken and open up deeper pullback to retrace strong gains from the 82.6485 low.