Higher to extend bounce from the 16139 low and see scope to retest the 16284 high
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
02:50 GMT - Higher to extend bounce from the 16139 low and see scope to retest the 16284 high. Clearance here will further extend strong gains from the November low and see room to the 16400 congestion. Higher still will shift focus to the March/April 2020 highs at the 16565/16625 area. the However, overbought daily studies caution corrective pullback with support at the 16139/16100 lows to watch. Would take break here 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.