Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 105.63 | * | 6 Jan (w) high | S1 | 102.50 | * | congestion | |
R3 | 105.00 | * | congestion | S2 | 102.00 | ** | 38.2% ret of 2021-2022 rally | |
R2 | 104.00 | ** | congestion | S3 | 101.64 | ** | 3 Jun (m) low | |
R1 | 103.50 | ** | congestion | S4 | 101.30 | ** | 30 May (m) low |
Asterisk denotes strength of level
13:15 GMT - Little change to the bearish tone, as prices extend consolidation around 103.00 following the break below 103.50. Intraday studies have turned negative and daily readings are under pressure, highlighting a bearish tone and room for deeper losses in the coming sessions. Support is at congestion around 102.50. A close beneath here will add fresh weight to sentiment and extend September losses towards the 102.00 Fibonacci retracement. Meanwhile, resistance at 103.50 should continue to cap immediate tests higher.