Pressure remains on the upside as prices extend gains from the September low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1390.00 | * | congestion | S1 | 1360.00 | * | congestion | |
R3 | 1385.00 | * | congestion | S2 | 1355.00 | * | congestion | |
R2 | 1380.00 | * | Aug high | S3 | 1350.00 | ** | Jan high, congestion | |
R1 | 1370.00 | ** | 12 Jul low | S4 | 1340.00 | * | 23 Sep high |
Asterisk denotes strength of level
02:50 GMT - Pressure remains on the upside as prices extend gains from the September low. Break above the 1360.00 level see strong resistance at the 1370.00, 12 July low, now within reach. However, the deep overbought intraday and daily studies caution corrective pullback here unwind the stretched readings. Meanwhile, support is raised to the 1360.00/1355.00 area and break here needed to ease the upside pressure and open up deeper pullback to retrace strong gains from the September to support at the 1350.00/1340.00 area.