Little change, as prices remains in consolidation beneath the .5700 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .5850/60 | * | congestion, 38.2% | S1 | .5655/50 | * | congestion | |
R3 | .5800 | * | congestion | S2 | .5600 | * | congestion | |
R2 | .5775 | ** | 2023 year low | S3 | .5540 | ** | 13 Jan YTD low | |
R1 | .5700 | * | congestion | S4 | .5512 | ** | 2022 year low |
Asterisk denotes strength of level
00:20 GMT - Little change, as prices remains in consolidation beneath the .5700 level though prices seen tracing out a potential 5-week bottom pattern at the .5540 low. However, positive daily and weekly studies suggest consolidation to give way to eventual break higher to open up stronger gains to retrace the steep losses from the September high. Clearance will see room to the strong resistance at the .5775/.5800 area then the .5860, 38.2% Fibonacci level. Meanwhile, support is at the .5655/50 congestion and this extend to the .5600 level which should underpin and sustain gains from the .5540 low.