Sharply higher with break above the 83.9150 resistance opening up scope for retest of the 83.9850, all-time high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 84.2000 | projection | S1 | 83.8000 | * | congestion | ||
R3 | 84.0000 | ** | figure | S2 | 83.7550 | ** | 20 Aug low | |
R2 | 83.9850 | ** | 5, 12 Sep all-time high | S3 | 83.6650 | * | Jun high | |
R1 | 83.9400 | * | 11 Sep low | S4 | 83.6200/6000 | * | 27 Sep low, congestion |
Asterisk denotes strength of level
05:35 GMT - Sharply higher with break above the 83.9150 resistance opening up scope for retest of the 83.9850, all-time high. Would expect reaction here as daily studies push deep into overbought areas and caution corrective pullback. Clearance, if seen, will see extension of the underlying bull trend to target the 84.0000 figure. Meanwhile, support is raised to the 83.8000 level then the 83.7550, 20 August low. The latter now underpin and break here needed to fade the upside pressure and return focus to the downside.