Steadied at the 15074 low as prices consolidate sharp break of the 15360/15300 support last week
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 15500 | * | congestion | S1 | 15074 | ** | 20 Sep YTD low | |
R3 | 15400 | * | congestion | S2 | 15055 | * | 76.4% 2023/2024 rally | |
R2 | 15360 | * | 6 Sep low | S3 | 14945 | * | 17 Jul 2023 low | |
R1 | 15300 | * | Aug low | S4 | 14920 | * | 14 Jul 2023 low |
Asterisk denotes strength of level
03:10 GMT - Steadied at the 15074 low as prices consolidate sharp break of the 15360/15300 support last week. However, the downside still vulnerable and lower will see room to extend the broader losses from the 16474, June YTD high. Lower will see scope to target the 15055, 76.4% Fibonacci retracement, then the 15000 level. Reaction at the latter can be expected to unwind oversold daily and weekly studies. Meanwhile, resistance is lowered to the 15300 level which is expected to cap. Only regaining this will ease the downside pressure and see room for stronger corrective bounce to the 15360/15400 congestion area.