Consolidation above the .6050/40 congestion area has given way to fresh selling pressure
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6150 | * | congestion | S1 | .6015 | 15 Aug high | ||
R3 | .6106 | ** | Sep low | S2 | .6000 | ** | figure, congestion | |
R2 | .6085 | * | 21 Oct high | S3 | .5975 | * | 15 Aug low, 76.4% | |
R1 | .6050/52 | * | congestion, 9 Oct low | S4 | .5950 | * | congestion |
Asterisk denotes strength of level
00:30 GMT - Consolidation above the .6050/40 congestion area has given way to fresh selling pressure and breakdown here extend losses from the September YTD high. Lower will see room to the .6000 figure where reaction can be expected to unwind overesold intraday studies before prices extend losses. Lower will see room to the .5975/50, 76.4% Fibonacci level and congestion area. Meanwhile, resistance is lowered to the .6050/.6085, congestion and Monday's bounce high. This should keep bounce attempt in check and sustain the bearish momentum.