Settled back from the .6586 high as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6668 | * | Mar high | S1 | 0.6500 | * | congestion | |
R3 | 0.6644/50 | * | Apr high, congestion | S2 | 0.6480 | * | 1 Apr low, congestion | |
R2 | 0.6600 | * | congestion | S3 | 0.6442 | * | Feb low | |
R1 | 0.6586 | * | 29 Apr high | S4 | 0.6400 | figure |
Asterisk denotes strength of level
00:10 GMT - Settled back from the .6586 high as prices unwind overbought intraday studies. However, further gains not ruled out and higher will see room to the .6600 level. Clearance here, but not expected, will turn focus to the April/March highs at .6644/.6668. The overbought daily studies and divergence on intraday studies caution corrective pullback. Meanwhile, support is at the .6500/.6480 area and is now expected to underpin and limit corrective pullback. Would take break here to return focus to the downside for retest of the .6442 February low then the .6400/.6362 lows.