Consolidation above the 1371.00 low of last week has given way to break lower to extend the rejection from the 1400.00 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1363.00 | ** | Oct 2023 year high | |
R3 | 1400.00 | ** | 16 Apr YTD high | S2 | 1360.00 | * | congestion | |
R2 | 1493.00 | * | 19 Apr high | S3 | 1350.00 | * | Jan high | |
R1 | 1380.00 | * | congestion | S4 | 1343.00 | 3 Apr low |
Asterisk denotes strength of level
02:55 GMT - Consolidation above the 1371.00 low of last week has given way to break lower to extend the rejection from the 1400.00 high as prices unwind the deep overbought daily studies. Lower will see room for further retracement of the March/April rally and see room to the strong support at the 1363.00/1360.00, previous highs. Break here, if seen, will open up scope to the 1350.00 support at the January high. Meanwhile, resistance is lowered to the 1380.00 congestion and should now cap and sustain losses from the 1400.00 high.