Turned down from the Friday's 16355 high as prices unwind overbought intraday and daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16584 | * | 14 May high | S1 | 16160 | * | May low | |
R3 | 16490/95 | ** | 1 Aug, Jun highs | S2 | 16095 | ** | 14 Aug YTD low | |
R2 | 16400 | * | congestion | S3 | 16060 | * | 31 Dec low | |
R1 | 16355 | * | 22 Aug high | S4 | 15970 | * | congestion |
Asterisk denotes strength of level
06:40 GMT - Turned down from the Friday's 16355 high as prices unwind overbought intraday and daily studies and see room to the 16200 level. Below this will return focus to the May low at 16160 then the 16095, 14 August current year low. Break here will extend the broader losses from the April high to retrace rally from the September low to support at 16060 then the 16000 level. Meanwhile, resistance at the 16355 high now expected to cap and sustain losses from the 16490/16495, 1 August and June lower highs.