Consolidating below the 15694 high as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 15829 | * | 13 Aug low, gap | S1 | 15600 | * | congestion | |
R3 | 15772 | * | 50% Jun/Sep fall | S2 | 15470 | * | congestion | |
R2 | 15747 | * | 16 Aug high | S3 | 15360 | * | Nov 2023 low | |
R1 | 15694 | * | 7 Oct high | S4 | 15300 | * | Aug low |
Asterisk denotes strength of level
04:15 GMT - Consolidating below the 15694 high as prices unwind overbought intraday studies. The daily studies are also stretched and caution pullback to correct rally from the 15070, September YTD low. Break of the 15600 level will see room for deeper pullback to the 15500/15470 area which should underpin. Failure here open up deeper pullback to the strong support at the 15360/15300 area. Meanwhile, break above 15694 high will see room for extension of gains to retrace the June/September losses and see the 15747/15829 gap area attracting.