Extending pullback from the 7.2830 high and break of the 7.2500 congestion see room to extend losses to the 7.2340, February high
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.3105 | * | 13 Nov high | S1 | 7.2340 | * | 14 Feb high | |
R3 | 7.3000 | * | congestion | S2 | 7.2200 | * | 28 Feb high | |
R2 | 7.2830 | ** | 16 Apr YTD high | S3 | 7.2000 | * | congestion | |
R1 | 7.2700 | * | trendline | S4 | 7.1810 | 21 Feb low |
05:35 GMT - Extending pullback from the 7.2830 high and break of the 7.2500 congestion see room to extend losses to the 7.2340, February high turned support. Daily studies are unwinding overbought readings and suggest scope for break of the latter to confirm a double top at the 7.2820/30 highs. Lower will see room to the support at 7.2200 level then the 7.2000 congestive support. Meanwhile, resistance remains at the trendline from the September high at the 7.2700 level and this should now cap and keep the 7.2820/30 highs out of reach.