Leaning lower from the Friday's spike high at 36.75 as prices unwind overbought intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.25 | ** | 1 May YTD high | S1 | 36.50 | * | 3 May low, congestion | |
R3 | 37.00/03 | * | figure, 8 May high | S2 | 36.31 | 22 May low | ||
R2 | 36.84 | * | 13 May high, congestion | S3 | 36.20 | * | Feb high | |
R1 | 36.75 | * | 24 May high | S4 | 36.00 | figure |
Asterisk denotes strength of level
02:15 GMT - Leaning lower from the Friday's spike high at 36.75 as prices unwind overbought intraday studies. Further gains, if seen, likely to be limited with the daily studies looking stretched as well and suggest room for pullback to retrace strong rally from the 35.85 low. Meanwhile, support is raised to the 3 May low at 36.50 and where break will open up deeper pullback to the 36.20 support then the 35.88/35.85 congestion and the 20th May low. Below the latter will see deeper pullback to retrace the December/May rally to the 35.67, 50% Fibonacci level.