Edged to fresh low at 15070 but bearish momentum slows as prices unwind oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 15400 | * | congestion | S1 | 15055 | * | 76.4% 2023/2024 rally | |
R3 | 15360 | * | 6 Sep low | S2 | 15000 | * | figure | |
R2 | 15300 | * | Aug low | S3 | 14945 | * | 17 Jul 2023 low | |
R1 | 15200/205 | * | congestion, 23 Sep high | S4 | 14920 | * | 14 Jul 2023 low |
Asterisk denotes strength of level
04:10 GMT - Edged to fresh low at 15070 but bearish momentum slows as prices unwind oversold intraday studies. However, pressure remains on the downside and see scope to target the 15055, 76.4% Fibonacci retracement. Lower still, will extend the broader losses from the June YTD high at 16474 and see room to the 15000 figure. Meanwhile, resistance remains at the 15200/205 area. Regaining this will ease the downside pressure and see room for stronger correction to the strong resistance at the 15300 level then the 15360/15400 congestion area.