Break of the 16139/16100 support further extend losses from the April high at 16284 to reach the 16000 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16284 | ** | 19 Apr YTD high | S1 | 15964 | ** | 23 Oct 2023 year high | |
R3 | 16200 | congestion | S2 | 15845 | * | Jan high, congestion | ||
R2 | 16139 | * | 24 Apr low | S3 | 15774 | * | 5 Mar high | |
R1 | 16100 | * | 16 Apr low | S4 | 15700 | congestion |
Asterisk denotes strength of level
03:10 GMT - Break of the 16139/16100 support further extend losses from the April high at 16284 to reach the 16000 level. Nearby see the 2023 year high turned support at 15964. Oversold intraday studies suggest scope for bounce here to consolidate losses from the 16284/16280 highs. However, a later break is expected going forward to trigger deeper retracement of the gains from the November low and see room to the 15845 and 15774, the January and 5 March highs. Meanwhile, resistance is lowered to the 16100/16139 previous lows, now expected to cap and sustain losses from the April high.