Pressure remains firmly on the downside to extend losses from the May high to retest the 32.56, 2023 year low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 33.83 | * | Aug low | S1 | 32.56 | ** | Jan 2023 year low | |
R3 | 33.50 | * | congestion | S2 | 32.50 | * | congestion | |
R2 | 33.00/15 | * | congestion, 16 Sep low | S3 | 32.40 | * | 3 Mar 2022 low | |
R1 | 32.70 | * | intraday congestion | S4 | 32.20 | * | congestion |
Asterisk denotes strength of level
03:00 GMT - Pressure remains firmly on the downside to extend losses from the May high to retest the 32.56, 2023 year low. Deep oversold daily and weekly studies suggest scope for corrective bounce. However, the upside likely to remain limited with minor resistance starting at 32.70 congestion then the 33.00/33.15 area which is expected to cap. Clearance will open up room for stronger bounce to the 33.50 resistance. Break of the 32.56 support will further extend losses from the 2022 year high to the 32.50/40 area. Lower still will turn focus to the 32.08, 2022 year low.