Extending bounce from the 36.50 low as prices unwind oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.50 | * | congestion | S1 | 36.80 | * | congestion | |
R3 | 37.25 | ** | 1 May YTD high | S2 | 36.67 | 6 May low | ||
R2 | 37.18 | * | 25 Apr high | S3 | 36.50 | * | 3 May low | |
R1 | 37.00 | * | congestion | S4 | 36.24 | * | 10 Apr low |
Asterisk denotes strength of level
02:30 GMT - Extending bounce from the 36.50 low as prices unwind oversold intraday studies and retrace losses from the 37.25 high. Break above 36.80 resistance see room for retest of the 37.00 level. Break here will expose the 37.18/37.25 highs to retest and see scope to extend the underlying bull trend from the January 2023 low. Meanwhile, support is now raised to the 36.80 congestion. Would take break here to expose the 36.50 low to retest and see scope to further retrace the strong run-up from the 35.29, March low. Lower will see room to the 36.60/36.50 congestion and 22 March high.