Break of the 83.4000 congestion extending pullback from the 83.5250 high as prices unwind the overbought daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6000 | * | figure | S1 | 83.2650 | * | 24 Apr low | |
R3 | 83.5750 | ** | 19 Apr all-time high | S2 | 83.2000 | congestion | ||
R2 | 83.5250 | * | 30 Apr high | S3 | 83.1560 | * | 10 Apr low | |
R1 | 83.4550 | * | 4 Apr high | S4 | 83.0450 | * | 21 Mar low |
Asterisk denotes strength of level
04:50 GMT - Break of the 83.4000 congestion extending pullback from the 83.5250 high as prices unwind the overbought daily studies. Nearby see support at the 83.2650 low of last week and break here will turn focus lower and expose the 83.1560 low of April to retest. Break of these will confirm a top in place at the 83.5750 high and see room for deeper pullback to retrace gains from the 82.6485 low of March. Meanwhile, resistance is lowered to 83.4550 and this is expected to cap and sustain losses from the April high.