Extending consolidation at the 15074 low as prices unwind deep oversold daily studies
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
03:00 GMT - Extending consolidation at the 15074 low as prices unwind deep oversold daily studies. 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. 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.