Saw spike to fresh high before reversing to leave a long wick at the 1400.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1420.00 | * | congestion | S1 | 1380.00 | * | congestion | |
R3 | 1410.00 | * | 26 Oct 2022 low | S2 | 1371.00 | * | 11 Apr high | |
R2 | 1400.00 | ** | 16 Apr YTD high | S3 | 1363.00 | ** | Oct 2023 year high | |
R1 | 1390.00 | * | congestion | S4 | 1360.00 | * | congestion |
Asterisk denotes strength of level
02:35 GMT - Saw spike to fresh high before reversing to leave a long wick at the 1400.00 level and settling back below the 1390.00 level. Pullback see prices unwinding the deep overbought intraday and daily studies towards support at the 1380.00 level. Break here will open up deeper correction to retrace strong rally from the March low at 1308.00 and see scope to the 1371.00 support then the 1363.00/1360.00 area. Meanwhile, resistance at the 1390.00 level now expected to cap and sustain pullback from the 1400.00 high.