Settled back from the 1372.00 high as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1400.00 | ** | 16 Apr YTD high | S1 | 1360.00 | congestion | ||
R3 | 1388.00 | * | 1 May high | S2 | 1356.00 | * | 2 Apr high | |
R2 | 1380.00 | * | congestion | S3 | 1350.00 | * | Jan high | |
R1 | 1370.00 | * | congestion | S4 | 1347.00 | * | 10 Apr low |
Asterisk denotes strength of level
02:50 GMT - Settled back from the 1372.00 high as prices unwind overbought intraday studies though further gains not ruled out and break here will open up stronger gains to the 1380.00 level. However, gains are seen corrective and lower high sought to further pressure the downside later. Meanwhile, support is raised to the 1360.00/1356.00 area and break here will expose the 1350.00/1347.00 support to retest. Below here will see room for deeper pullback to retrace gains from the November/December lows and see scope to the 1343.00/1340.00 area and 1335.00 support.