Prices remains under pressure and break of the 32.27 low will further extend losses from October 2022 multi-year high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 33.83 | * | Aug low | S1 | 32.27 | * | 27 Sep low | |
R3 | 33.50 | * | congestion | S2 | 32.20 | * | congestion | |
R2 | 33.00/15 | * | congestion, 16 Sep low | S3 | 32.08 | ** | Feb 2022 year low | |
R1 | 32.80 | * | 25 Sep high | S4 | 32.00 | * | figure |
Asterisk denotes strength of level
02:55 GMT - Prices remains under pressure and break of the 32.27 low will further extend losses from October 2022 multi-year high. The daily studies while stretched are still tracking lower and keep focus firmly on the downside. Lower will see room to the 32.20 congestion with potential now seen for retest of the 2022 year low at 32.08. Meanwhile, resistance is lowered to 32.80 then the 33.00/33.15 area. Would need break above the latter to open up room for stronger bounce to correct the losses from the 37.00, June high, to the 33.50 resistance.