Turned lower from the 33.65 high as prices unwind the deep overbought intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 34.33 | * | 3 Sep high | S1 | 33.13 | 11 Oct low | ||
R3 | 34.10 | ** | Dec low | S2 | 33.00 | * | congestion | |
R2 | 33.83 | * | 30 Aug low | S3 | 32.50 | * | congestion | |
R1 | 33.65 | * | 8 Oct high | S4 | 32.14 | ** | 30 Sep YTD low |
Asterisk denotes strength of level
03:00 GMT - Turned lower from the 33.65 high as prices unwind the deep overbought intraday studies. Daily studies are stretched as well and see room for pullback to the 33.15/33.00 area 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 33.65 high will further extend gains from the September low to retrace steep losses from the 37.00, June high. Higher will see room to the 33.83 resistance then the 34.00/34.10 congestion a