Drifting lower in consolidation from the 33.60 high as prices unwind the deep overbought intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 34.33 | * | 3 Sep high | S1 | 33.30 | 9 Oct low | ||
R3 | 34.10 | ** | Dec low | S2 | 33.00 | * | congestion | |
R2 | 33.83 | * | 30 Aug low | S3 | 32.50 | * | congestion | |
R1 | 33.60 | * | 8 Oct high | S4 | 32.14 | ** | 30 Sep YTD low |
Asterisk denotes strength of level
03:00 GMT - Drifting lower in consolidation from the 33.60 high as prices unwind the deep overbought intraday studies. Daily studies are stretched as well and suggest room for deeper pullback to immediate support at the 33.30 mid-week low. Below this will see room to the 33.15/33.00 support which is expected to underpin. Break here will return focus to the downside to retrace gains from the 32.14 low. Meanwhile, break above the 33.60 resistance, if seen, will further extend gains from the September low to retrace steep losses from the 37.00, June high.