Bearish momentum showing signs of fading with the pin bar at the 32.14 low suggesting scope for corrective bounce
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 33.50 | * | congestion | S1 | 32.14 | ** | 30 Sep YTD low | |
R3 | 33.00/15 | * | congestion, 16 Sep low | S2 | 32.08 | ** | Feb 2022 year low | |
R2 | 32.80 | * | 25 Sep high | S3 | 32.00 | * | figure | |
R1 | 32.50 | * | 27 Sep high | S4 | 31.80 | * | congestion |
Asterisk denotes strength of level
02:40 GMT - Bearish momentum showing signs of fading with the pin bar at the 32.14 low suggesting scope for corrective bounce to unwind the deep oversold daily and weekly studies. Resistance starts at the 32.50 congestion and lift over this will see room for stronger correction to retrace the September losses from the 34.34 high. Higher will see room to 32.80 resistance then the 33.00/33.15 area. Would need break above the latter to open up room for stronger bounce to correct the steep losses from the 37.00 June high and see scope to the 33.50 resistance.