Edged up from the 33.11 low as prices consolidate losses from the 33.65 high of last week
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 34.10 | ** | Dec low | S1 | 33.11 | 14 Oct low | ||
R3 | 34.00 | * | 38.2% Jun/Sep fall | 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
03:05 GMT - Edged up from the 33.11 low as prices consolidate losses from the 33.65 high of last week. Daily studies are unwinding the overbought daily studies and suggest the latter now expected to cap. Pullback see room for retest of support at the 33.11 low then the 33.00 congestion. Break here to return focus to the downside for retest of the 32.50 support then the 32.14, September YTD low. Meanwhile, resistance at the 33.65 high expected to cap. Break here needed to see room for stronger gains to the 33.83 and 34.10 resistance.