Break to fresh low has seen extension to reach 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 | 32.80 | * | 25 Sep high | S4 | 32.20 | * | congestion |
Asterisk denotes strength of level
03:10 GMT - Break to fresh low has seen extension to reach the 32.56, 2023 year low, where unwinding oversold intraday studies has steadied bearish momentum. Daily studies are stretched as well and suggest scope for stronger bounce to correct steep drop from the 34.33, 3rd September high. Above the 32.80 resistance will see room for stronger bounce to the 33.00/33.15 area. Clearance here will open up room to the 33.50 resistance. Lower high sought to further pressure the downside later where 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.