Extend bounce from the 83.9200 low to approach the 83.9850, all-time high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 84.2350 | projection | S1 | 83.9000 | * | congestion | ||
R3 | 84.2000 | projection | S2 | 83.8000 | * | congestion | ||
R2 | 84.0000 | ** | figure | S3 | 83.7550 | ** | 20 Aug low | |
R1 | 83.9850 | ** | Sep all-time high | S4 | 83.6650 | * | Jun high |
Asterisk denotes strength of level
05:15 GMT - Extend bounce from the 83.9200 low to approach the 83.9850, all-time high. Break here, will extend the underlying bull trend and see scope to target the 84.0000 figure. Higher still, will see scope for extension to the 84.2000 and 84.2350 projection target. However, deep overbought daily studies caution corrective pullback to the 83.9200/83.9000 support. Would take break here to ease the upside pressure and see room for deeper correction to the strong support at the 83.8000 level and the 83.7550, 20 August low. Break of the latter will fade the upside pressure and see room for deeper pullback to retrace strong rally from the 83.4400, September low.