Settling back in consolidation from the 32.690 high as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 33.000 | * | congestion | S1 | 32.500 | ** | Oct 2023 year high | |
R3 | 32.890 | 15 Feb 2016 low | S2 | 32.400 | * | congestion | ||
R2 | 32.830 | * | May 2016 high | S3 | 32.200 | congestion | ||
R1 | 32.690 | ** | 22 Apr YTD high | S4 | 32.150 | * | 8 Apr high |
05:50 GMT - Settling back in consolidation from the 32.690 high as prices unwind overbought intraday studies. Daily studies are stretched as well and suggest scope for pullback with support starting at 32.500/32.400, the 2023 year high and congestion area. Break of the latter will open up deeper pullback to retrace the strong gains from the 30.570, late-December low. Lower will see room to the 32.200/32.150 area. Meanwhile, resistance at the 32.690 high now seen capping. Break, if seen, will further extend gains from the June 2021 year low.