Scope for pullback while the September all-time high at 83.9850 caps
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 | 83.9800 | * | 7 Oct high | S4 | 83.6200/6000 | * | 27 Sep low, congestion |
Asterisk denotes strength of level
05:30 GMT - Remains in consolidation below the 83.9850, September all-time high. While the latter caps, scope is seen for corrective pullback to unwind the overbought intraday and daily studies with support raised to 83.9150. Below this will see room for pullback to the strong support at the 83.8000 level and the 83.7550, 20 August low. Would take break here to fade the upside pressure and return focus to the downside to retrace the strong rally from the 83.4400, September low. Meanwhile, break above the 83.9850 high, if seen, will extend the underlying bull trend to target the 84.0000 figure.