Settled back from fresh year high at 37.25 and rejection there see prices unwinding the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.63 | 27 Oct 2022 low | S1 | 36.80 | * | congestion | ||
R3 | 37.50 | * | congestion | S2 | 36.60 | congestion | ||
R2 | 37.25 | ** | 1 May YTD high | S3 | 36.50 | * | 22 Mar high | |
R1 | 37.18 | * | 25 Apr high | S4 | 36.24 | * | 10 Apr low |
Asterisk denotes strength of level
03:00 GMT - Settled back from fresh year high at 37.25 and rejection there see prices unwinding the overbought intraday and daily studies. Pullback seen correcting the strong run-up from the 35.29 March low 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 37.25 highs now expected to cap. Would take break here to further extend gains to retrace the 2022/2023 losses.