Gapped lower at the open through the 16139/16100 lows to extend losses from the 16284 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16400 | * | congestion | S1 | 16000 | * | figure | |
R3 | 16284 | ** | 19 Apr YTD high | S2 | 15964 | ** | 23 Oct 2023 year high | |
R2 | 16200 | congestion | S3 | 15845 | * | Jan high, congestion | ||
R1 | 16139 | * | 24 Apr low | S4 | 15774 | 5 Mar high |
Asterisk denotes strength of level
02:40 GMT - Gapped lower at the open through the 16139/16100 lows to extend losses from the 16284 high as prices unwind the overbought daily and weekly studies. Lower see room for deeper pullback to retrace the November/April rally to the strong support at the 16000 level then the 15964, the 2023 year high. Break here will see room to the 15845 and 15774, the January and 5 March highs. Meanwhile, resistance is lowered to the 16100/16139 previous lows, now expected to cap and sustain losses from the April high.