Weak start has seen stab to .5860 low ahead of bounce as prices unwind the deep oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5860 | * | intraday low | |
R3 | .6000 | * | congestion | S2 | .5800 | * | congestion | |
R2 | .5940/65 | * | 1, 10 Apr low | S3 | .5773 | ** | 26 Oct 2023 year low | |
R1 | .5900 | figure | S4 | .5740 | * | Nov 2022 low |
Asterisk denotes strength of level
00:30 GMT - Weak start has seen stab to .5860 low ahead of bounce as prices unwind the deep oversold intraday studies. Bounce see resistance starting at the .5900 level but the stretched daily studies suggest scope for stronger corrective bounce to the strong resistance at the .5940/.5965 recent lows and possibly to the .6000 level. Correction expected to give way to fresh selling pressure later and break of the .5860/50 support will extend losses from the late-December high to the .5800 level then the .5773, 2023 year low.