Turned up in consolidation from the 57.070 low as prices unwind oversold intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 57.950 | ** | 25 Apr YTD high | S1 | 57.070 | * | 3 May low | |
R3 | 57.810 | * | 1 May high | S2 | 57.000 | * | congestion | |
R2 | 57.650 | * | 19 Apr high | S3 | 56.800 | * | congestion | |
R1 | 57.500 | 3 May high | S4 | 56.670 | 5 Apr high |
Asterisk denotes strength of level
06:00 GMT - Turned up in consolidation from the 57.070 low as prices unwind oversold intraday and daily studies. The resulting flag pattern highlights risk for break lower to extend losses from the 57.950, April YTD high. Break of the 57.140/070 support will see room for deeper pullback to retrace strong rally from the March low. Lower will see room to the 57.000/56.800 congestion area. Lower still will see room to support at 56.670 then the 56.560, January high. Meanwhile, resistance at the 57.500/57.650 area now expected to cap and sustain losses from the 57.950 high.