Shallow pullback from the .6050 high has given way to rebound at the .6000/.5985 area to return focus to the upside
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6170 | * | 61.8% Dec/Apr fall | S1 | .6000 | * | congestion | |
R3 | .6100/10 | * | congestion, 50% | S2 | .5985 | * | 29 Apr high | |
R2 | .6083 | * | Apr high | S3 | .5950/40 | * | congestion, 1 Apr low | |
R1 | .6050 | * | congestion | S4 | .5915 | 2 May low |
Asterisk denotes strength of level
00:30 GMT - Shallow pullback from the .6050 high has given way to rebound at the .6000/.5985 area to return focus to the upside. Overbought intraday studies suggest consolidation at the .6050 high likely before eventual break here to extend gains from the .5852, April YTD low. Higher will see room to the .6083, April high and upper channel from the December high. Clearance here will see scope to .6110 congestion and 50% Fibonacci retracement. Meanwhile, support at the .6000/.5985 area should now underpin and limit and immediate pullback.