Saw bounce 72.50 low to sustain gains above the channel from the 63.63 low of May 2023
Saw bounce 72.50 low to sustain gains above the channel from the 63.63 low of May 2023. Above the 80.00 level will see room for retest of the 87.65, April high.
Break here will see room to the 90.00 level. Beyond this will see scope for extension to retest the 2023 year high at the 95.00 level where reaction can be expected. Clearance here, if seen, will open up stronger gains to correct the 2022/2023 losses to the 97.05, 50% Fibonacci retracement. However, gains are seen corrective within the channel from the May 2023 low and expected to give way to selling pressure later.
Lower high sought to further pressure the downside later and below the 72.50 low will see room to the 70.00 congestion level. Break of these will expose the December low at 67.70 then the 63.65, May 2023 year low to retest.