Retest of the 16284 Apr YTD high has given way to selling pressure to consolidate strong gains from the November low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16625 | ** | 23 Mar 2020 year high | S1 | 16139 | 24 Apr low | ||
R3 | 16565 | * | 6 Apr 2020 high | S2 | 16100 | * | 16 Apr low | |
R2 | 16400 | * | congestion | S3 | 16000 | * | figure | |
R1 | 16284 | ** | 19 Apr YTD high | S4 | 15964 | ** | 23 Oct 2023 year high |
Asterisk denotes strength of level
03:10 GMT - Retest of the 16284 Apr YTD high has given way to selling pressure to consolidate strong gains from the November low. Pullback see prices unwinding the overbought daily studies towards support at the 16139/16100 lows. Would take break of these to open up deeper pullback to retrace the November/April rally. Lower will see scope to the strong support at the 16000 level and 15964, the 2023 year high. Meanwhile, the 1284.00 high now seen capping. Break here, if seen, will further see room to the 16400 congestion. Higher still will shift focus to the March/April 2020 highs at the 16565/16625 area.