Settling back from test of the 1370.00/1373.00 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1388.00 | * | 1 May high | S1 | 1360.00 | * | congestion | |
R3 | 1380.00 | * | congestion | S2 | 1350.00 | * | congestion | |
R2 | 1373.00 | * | 13 May high | S3 | 1343.00 | * | Apr low, 50% | |
R1 | 1370.00 | * | congestion | S4 | 1335.00 | 26 Mar low |
Asterisk denotes strength of level
02:00 GMT - Settling back from test of the 1370.00/1373.00 resistance as prices unwind the overbought intraday studies. The daily studies are stretched as well and caution deeper pullback from the 1371.00 high to the 1363.00/1360.00 support area. Would take break here to see room for deeper pullback to the 1350.00 congestion and 1343.00 low. Break of the latter will extend the broader losses from the April YTD high at 1400.00 level and see room for deeper pullback within the rising channel from the July low. Lower will see scope to support at the 1335.00/1330.00 area.