Pressure remains on the downside as prices extend pullback from the 33.65 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 34.00 | * | 38.2% Jun/Sep fall | S1 | 33.00 | * | congestion | |
R3 | 33.83 | * | 30 Aug low | S2 | 32.80 | * | 25 Sep high | |
R2 | 33.65 | ** | 8 Oct high | S3 | 32.50 | * | congestion | |
R1 | 33.45 | * | 15 Oct high | S4 | 32.14 | ** | 30 Sep YTD low |
Asterisk denotes strength of level
03:05 GMT - Pressure remains on the downside as prices extend pullback from the 33.65 high to unwind the overbought daily studies. Nearby see support at the 33.00 congestion and break here will return focus to the downside for retest of the 32.80 support then the 32.50 congestion. Below the latter will expose the September YTD low at 32.14 to retest. Meanwhile, resistance is lowered to 33.45/50 area then the 33.65 high, expected to cap. Clearance here will further extend gains from the September low and see room to resistance at the 33.83 then the 34.00, Fibonacci level.