Pressure remains on the upside and clear break above the 36.80 congestion expose the 36.90 YTD high to retest
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.50 | * | congestion | S1 | 36.50 | congestion | ||
R3 | 37.24 | ** | 4 Oct 2023 year high | S2 | 36.30 | * | congestion | |
R2 | 37.00 | * | 10 Oct high, congestion | S3 | 36.20 | * | Feb high | |
R1 | 36.90 | ** | 17 Apr YTD high | S4 | 36.00 | * | congestion |
Asterisk denotes strength of level
02:50 GMT - Pressure remains on the upside and clear break above the 36.80 congestion expose the 36.90 YTD high to retest. Break here will extend gains from the December low and see room to the 37.00 level then the 37.24, October 2023 year high. However, the overbought daily studies and divergence on daily chart caution corrective pullback with support now at the 36.50 congestion. Would take break here to ease the upside pressure and see room for deeper pullback to the 36.30/36.20 support.