Edged lower from the 84.0750 high as prices consolidate strong run-up from the 83.4400, September low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 84.4900 | projection | S1 | 83.9850 | * | Sep high | ||
R3 | 84.2660 | projection | S2 | 83.9000 | * | congestion | ||
R2 | 84.1000 | figure | S3 | 83.8000 | * | congestion | ||
R1 | 84.0750 | ** | 14 Oct all-time high | S4 | 83.7550 | ** | 20 Aug low |
Asterisk denotes strength of level
05:00 GMT - Edged lower from the 84.0750 high as prices consolidate strong run-up from the 83.4400, September low. Further gains, if seen, will see room for extension to target the 84.1000 figure but deep overbought daily studies caution corrective pullback. Meanwhile, support is raised to the 84.0000/83.9850 area. Would take break here to fade the upside pressure and see room for deeper correction to the 83.9000 congestion. Lower still, will see room to the strong support at the 83.8000/83.7550 support.