Corrective bounce has seen gains to break the 83.6650 resistance before reversing from the 83.6750 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.8000 | * | 26 Aug low | S1 | 83.5000 | * | congestion | |
R3 | 83.7500 | ** | 20 Aug low | S2 | 83.4400 | * | 23 Sep high | |
R2 | 83.6650 | * | Jun high | S3 | 83.4000 | * | congestion | |
R1 | 83.6000 | * | congestion | S4 | 83.3600 | * | 28 Jun low |
Asterisk denotes strength of level
04:50 GMT - Corrective bounce has seen gains to break the 83.6650 resistance before reversing from the 83.6750 high. However, daily studies still oversold and break above the latter not ruled out. Higher will see room to the 83.7500 resistance. Meanwhile, support is raised to the 83.5000 level and where break will expose the 83.4400 low to retest. Below this will see room for deeper pullback to extend losses from the 83.9850, September all-time high, to the 83.4000 congestion. Lower still will see scope to 83.3600 support then 83.3485, 61.8% Fibonacci retracement.