Settled back in consolidation at the .5900 level after bounce attempt stalled ahead of the .5940 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5860 | ** | 17 Apr YTD low | |
R3 | .6000 | * | congestion | S2 | .5800 | * | congestion | |
R2 | .5965 | * | 10 Apr low | S3 | .5773 | ** | 26 Oct 2023 year low | |
R1 | .5940 | * | 1 Apr low | S4 | .5740 | * | Nov 2022 low |
Asterisk denotes strength of level
00:30 GMT - Settled back in consolidation at the .5900 level after bounce attempt stalled ahead of the .5940 resistance. However, prices are still unwinding oversold intraday and daily studies and stronger bounce cannot be ruled out to the strong resistance at the .5940/.5965 recent lows. Clearance here, if seen, will see scope to further retrace the sharp drop from .6083 high of last week to the .6000 level. Meanwhile, break of the .5860 low will extend losses from the late-December high and shift focus to the .5800 level then the .5773, 2023 year low.