Leaning lower from the .6050 high as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6140 | * | 61.8% Dec/Apr fall | S1 | .5985 | * | 29 Apr high | |
R3 | .6100 | * | congestion | S2 | .5950/40 | * | congestion, 1 Apr low | |
R2 | .6083 | * | 10 Apr high | S3 | .5915 | 2 May low | ||
R1 | .6050 | * | congestion | S4 | .5875 | * | 1 May low |
Asterisk denotes strength of level
00:20 GMT - Leaning lower from the .6050 high as prices unwind overbought intraday studies and consolidate strong run-up from the .5875 low at the .6000 level. The daily studies are stretched as well and caution corrective pullback to the .5985 support. Break here will see room to extend losses to the .5950/40 area. Corrective pullback expected to give way to fresh buying later to extend gains from the .5875/.5852 lows. Clearing the .6050 congestion will see room for extension to the .6083/.6100, April high and upper channel from the December high. Higher still will see scope to .6140, 61.8% Fibonacci retracement.