Sharp bounce from the 33.08 low to break the 33.45/33.50 area return focus to the upside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 34.10 | * | Dec low | S1 | 33.08/00 | * | 18 Oct low, congestion | |
R3 | 34.00 | * | 38.2% Jun/Sep fall | S2 | 32.80 | * | 25 Sep high | |
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
03:10 GMT - Sharp bounce from the 33.08 low to break the 33.45/33.50 area return focus to the upside and see scope for retest of the 33.65 high. Clearance here will extend gains from the September low to correct sharp losses from the June high at the 37.00 level. Higher will see scope to the 33.83 resistance then the strong resistance at 34.00/34.10, 38.2% Fibonacci retracement and December low. Meanwhile, support at the 33.08/33.00 area now protecting the downside. Would take break here to fade the upside pressure and return focus to the September low.