Consolidation above the 15070 low has given way to corrective bounce
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 15470 | 9 Sep high | S1 | 15070 | ** | 25 Sep low | ||
R3 | 15400 | * | congestion | S2 | 15000 | * | figure | |
R2 | 15360 | * | 6 Sep low | S3 | 14945 | * | 17 Jul 2023 low | |
R1 | 15300 | * | Aug low | S4 | 14900 | * | congestion |
Asterisk denotes strength of level
03:25 GMT - Consolidation above the 15070 low has given way to corrective bounce to unwind the oversold intraday and daily studies. Break above the 15200/15205 area opens up stronger gains to correct the September losses from the 15580 high. Higher will see room to the 15300 level then the 15360/15400 congestion area. Corrective gains are expected to give way to selling pressure later. Below 15070 low will see scope to target 15000 figure. Lower still, will extend the broader losses from the June YTD high at 16474 and see room to the 14945 support then the 14900 congestion.