Staged strong rebound above support at the 3108 February 2024 low to reach 4450 high before giving back half of the gains in volatile trade
Staged strong rebound above support at the 3108 February 2024 low to reach 4450 high before giving back half of the gains in volatile trade. Prices has since turned higher in choppy trade above the 3765/3700 support area.
Bounce from the latter see room for further test above the 4000 level to retest the 4200 resistance. Gains beyond, if seen, this will expose the 4450 high to retest but break here is not expected with choppy trade expected going forward into Q1 of the new year. The 3700 high of May 2024 now marks key support as failure here will negate the bullish double bottom pattern at 3108/3145, February/September 2024 lows.
Break here will open up deeper pullback to further retrace gains from the 3145, September low. Lower will see room to the strong support at the 3500 level, being the 2020 and 2022 year lows and is expected to contain losses.
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