Remains in consolidation from the 163.60 high but pressure building on the 162.00 level
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
01:10 GMT - Remains in consolidation from the 163.60 high but pressure building on the 162.00 level as prices unwind the overbought daily studies. Break of the 162.00 level will confirm a 2-week top patter at the 163.60 high and 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 return focus to the 158.10/00 support. Meanwhile, resistance at the 163.60/163.90 highs expected to cap. Break here, will extend the broad corrective gains from the 154.40 low of August to retrace the steep July/August losses.