Clear break above the 36.80 congestion saw gains to fresh high at 37.10
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.63 | 27 Oct 2022 low | S1 | 36.80 | * | congestion | ||
R3 | 37.50 | * | congestion | S2 | 36.50 | * | congestion | |
R2 | 37.24 | ** | 4 Oct 2023 year high | S3 | 36.33 | 12 Apr low | ||
R1 | 37.10 | ** | 22 Apr YTD high | S4 | 36.24 | 10 Apr low |
Asterisk denotes strength of level
02:50 GMT - Clear break above the 36.80 congestion saw gains to fresh high at 37.10. Beyond this will see scope for retest of 37.24, the October 2023 year high. However, the overbought intraday studies and divergence on daily chart caution corrective pullback with support now at the 36.80 congestion. Would take break here to ease the upside pressure and see room for deeper pullback to retrace the strong run-up from the 35.29 March low. Lower will see room to the 36.50 congestion then the strong support at the 36.24/36.20 area.