Extending bounce from the .6658 low and regaining the .6700 level opens up stronger recovery
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6855 | * | 1 Oct low | S1 | 0.6700 | * | congestion | |
R3 | 0.6820 | * | Aug high | S2 | 0.6658 | * | 16 Oct low | |
R2 | 0.6800 | ** | Jul high, congestion | S3 | 0.6645 | * | 50% Aug/Sep rally | |
R1 | 0.6760 | * | 11 Oct high | S4 | 0.6622 | ** | Sep low |
Asterisk denotes strength of level
00:15 GMT - Extending bounce from the .6658 low and regaining the .6700 level opens up stronger recovery to retrace losses from the September high. Daily studies are unwinding oversold readings and suggest room to the .6750/60 congestion and 11 October bounce high. Gains above here, if seen, will open up the strong resistance at the .6800/20, July/August highs, which is expected to cap. Meanwhile, support is raised to the .6700/.6680 area and this should underpin and sustain gains from the .6658 low.