Little change, as prices extend consolidation below the 83.9850, September all-time high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 84.2000 | projection | S1 | 83.9000 | * | congestion | ||
R3 | 84.0000 | ** | figure | S2 | 83.8000 | * | congestion | |
R2 | 83.9850 | ** | 5, 12 Sep all-time high | S3 | 83.7550 | ** | 20 Aug low | |
R1 | 83.9800 | * | 7 Oct high | S4 | 83.6650 | * | Jun high |
Asterisk denotes strength of level
05:20 GMT - Little change, as prices extend consolidation below the 83.9850, September all-time high. While the latter caps, scope is seen for corrective pullback to unwind the overbought daily studies. Break of the 83.9000 level will open up deeper 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.