Extending bounce from the .5860 low as prices
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5900 | figure | ||
R3 | .6000 | * | congestion | S2 | .5860 | ** | 17 Apr YTD low | |
R2 | .5965 | * | 10 Apr low | S3 | .5800 | * | congestion | |
R1 | .5950 | * | 1 Apr low, congestion | S4 | .5773 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:30 GMT - Extending bounce from the .5860 low as prices unwind the oversold intraday and daily studies to reach the .5940/50 resistance. Break here will potential to extend gains to the strong resistance at the .5940/.5965 recent lows. Clearance here, if seen, will open up scope to the .6000/.6050 congestion area. However, gains are seen corrective and lower high sought to further pressure the downside later. Meanwhile, support is raised to the .5900 figure and this should now underpin. Break here and the .5860 low will extend losses from the late-December high and shift focus to the .5800 level then the .5773, 2023 year low.