Remains in consolidation below the 163.60 high as prices unwind the overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 164.90 | * | 50% Jul/Aug fall | S1 | 162.00 | * | congestion | |
R3 | 164.30 | * | Nov 2023 high | S2 | 161.00 | * | 4 Oct low | |
R2 | 163.90 | ** | Aug high | S3 | 160.00 | * | congestion | |
R1 | 163.60 | * | 10 Oct high | S4 | 158.10/00 | ** | 30 Sep low, congestion |
Asterisk denotes strength of level
01:00 GMT - Remains in consolidation below the 163.60 high as prices unwind the overbought daily studies. However, the downside still limited and break of the 162.00 level needed to open up deeper pullback to retrace gains from the 158.00 level. Lower will see room to the 161.00 support then the 160.00 figure. Break of the latter will expose the 158.10/00 support to retest. Meanwhile, resistance at the 163.60/163.90 highs expected to cap. Break here, will extend the broader corrective gains from the 154.40 low of August to retrace the steep July/August losses.