Little change, as prices extend consolidation around the 37.00 level from the 37.18 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.63 | 27 Oct 2022 low | S1 | 36.90 | 17 Apr high | |||
R3 | 37.50 | * | congestion | S2 | 36.80 | * | congestion | |
R2 | 37.24 | ** | 4 Oct 2023 year high | S3 | 36.60 | congestion | ||
R1 | 37.18 | ** | 25 Apr YTD high | S4 | 36.50 | * | 22 Mar high |
Asterisk denotes strength of level
02:40 GMT - Little change, as prices extend consolidation around the 37.00 level from the 37.18 high. Overbought daily studies suggest scope for pullback to correct the strong run-up from the March low at 35.29 and see room to the 36.90/36.80 area. Break of the latter will open up deeper correction to the 36.60/36.50 area then the strong support at the 36.24/36.20 low and congestion area. Meanwhile, resistance at the 37.18 and 37.24 highs expected to cap. Would take break here to further extend gains from the January 2023 low and retrace the 2022/2023 losses.