Settled back from the .6050 high as prices unwind overbought intraday studies and consolidate strong run-up from the .5875 low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6140 | * | 61.8% Dec/Apr fall | S1 | .5985 | * | 29 Apr high | |
R3 | .6100 | * | congestion | S2 | .5950/40 | * | congestion, 1 Apr low | |
R2 | .6083 | * | 10 Apr high | S3 | .5915 | 2 May low | ||
R1 | .6050 | * | congestion | S4 | .5875 | * | 1 May low |
Asterisk denotes strength of level
00:20 GMT - Settled back from the .6050 high as prices unwind overbought intraday studies and consolidate strong run-up from the .5875 low. However, the positive daily and weekly chart suggest scope for further gains and higher will see room for extension to the .6083/.6100, April high and upper channel from the December high. Higher still will see scope to .6140, 61.8% Fibonacci retracement. Meanwhile, support is raised to the .5985/.5950 area and this is expected to underpin corrective pullback and sustain gains from the .5875/.5852 lows.