Volatile trade in Q2 has seen rebound from fresh year low 3514 to retrace almost all of the March/April losses to reach 3960 high
Volatile trade at the start of Q2 saw losses through 3700 support to reach fresh year low 3514. Rebound from there to regain the 3700 level see gains retracing almost all of the March/April losses to reach 3960 high.
Prices has since settled back in consolidation with pullback to see the 3700 level back as support and protecting the downside. Consolidation here is expected to give way to retest of the 3960 May high and where clearance will see room to retest the 4000 figure then the 4025, March YTD high. Clearance here will revive upside focus for retest of resistance at the 4200 level. Gains beyond this will return focus to the 4400 congestion then the 4450, October 2024 year high. Break of these will see room to 4520, 50% Fibonacci level.
Meanwhile, support at the 3700 low of January expected to underpin and limit corrective pullback. Only below here, but not expected, will expose the 3514, current April year low to retest.
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