No follow-through on break of the .6050 Fibonacci level as prices turned up from the .6040 low to unwind the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6250 | * | congestion | S1 | .6050 | ** | 61.8% Jul/Sep rally | |
R3 | .6200/22 | ** | congestion, June high | S2 | .6015 | 15 Aug high | ||
R2 | .6150 | * | congestion | S3 | .6000 | * | figure, congestion | |
R1 | .6106 | * | Sep low | S4 | .5975 | * | 15 Aug low |
Asterisk denotes strength of level
00:30 GMT - No follow-through on break of the .6050 Fibonacci level as prices turned up from the .6040 low to unwind the oversold intraday studies. However, pressure remains on the downside and further losses not ruled out. Break will see scope to the .6015/.6000 area. Lower still will open up the .5975 support but oversold daily studies caution corrrective bounce. Meanwhile, resistance remains at the .6106/20 area and regaining this needed to ease the downside pressure and see room for corrective bounce to the .6150 congestion. Higher will open up stronger bounce to .6200/22 resistance.