Consolidation above the 86.4600 low has seen rebound to regain the 87.0000 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 87.9500 | ** | 10 Feb all-time high | S1 | 86.6525 | * | Jan high | |
R3 | 87.5825 | * | 6 Feb high | S2 | 86.4600 | ** | 15 Jan low | |
R2 | 87.5000 | * | congestion | S3 | 86.3125 | * | 15 Jan low | |
R1 | 87.4050 | intraday high | S4 | 86.1650 | ** | 24 Jan low |
Asterisk denotes strength of level
05:20 GMT - Consolidation above the 86.4600 low has seen rebound to regain the 87.0000 level. Gains see prices unwinding the oversold daily studies and above the 87.4050 high will open up room to the 87.5000/87.5825 resistance. Beyond this, but not expected, will expose the 87.9500 all-time high to retest. Corrective bounce is expected to give way to fresh selling pressure later with support raised to 86.6525 high of January. Below this will expose the 86.4600 low to retest and where break will see deeper pullback to retrace rally from the September low. Lower will see room to 86.3125 and 86.1650 support.