Steadied at the 7.0385 low as prices consolidate losses last week following break of support at the 7.1000 level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1135 | * | 19 Sep high | S1 | 7.0340 | * | 50% 2023 rally | |
R3 | 7.1000 | ** | figure, congestion | S2 | 7.0120 | * | 19 May 2023 low | |
R2 | 7.0840 | * | 5 Aug low | S3 | 7.0000 | ** | figure, congestion | |
R1 | 7.0700 | * | 30 Aug low | S4 | 6.9650 | * | 2 May 2023 high |
Asterisk denotes strength of level
05:50 GMT - Steadied at the 7.0385 low as prices consolidate losses last week following break of support at the 7.1000 level. However, prices remains under pressure and lower will see room to target 7.0340, the mid-point of the entire 2023 gains from the 6.7000 low. Break of the latter will see further extension to the 7.0120 support then the 7.0000 figure. Meanwhile, resistance is lowered to the August lows at the 7.0700/7.0840 area which extend to the 7.1000 level. This area should now cap any corrective bounce.