Consolidation below the 36.80 high has given way to retest here following bounce from the 36.30/36.20 support.
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 38.00 | * | congestion | S1 | 36.50 | congestion | ||
R3 | 37.50 | * | congestion | S2 | 36.30 | * | 29 Mar low | |
R2 | 37.24 | ** | 4 Oct 2023 year high | S3 | 36.20 | * | Feb high | |
R1 | 37.00 | * | 10 Oct high, congestion | S4 | 36.00 | * | congestion |
Asterisk denotes strength of level
02:40 GMT - Consolidation below the 36.80 high has given way to retest here following bounce from the 36.30/36.20 support. Break here will see room to extend gains from the December low and see room to the 37.00 level and where break will open up the 37.24, October 2023 year high to retest. However, the deep overbought daily studies and divergence on daily studies caution corrective pullback with support raised to the 36.50 congestion. Would take break here to open up deeper pullback to the 36.30/36.20 area. Only below the latter will turn focus to the downside and see deeper retracement of the strong gains from the March low.