Extending bounce from the 36.50 low to reach the 37.00 level as prices retrace losses from the 37.25 high
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
02:40 GMT - Extending bounce from the 36.50 low to reach the 37.00 level as prices retrace losses from the 37.25 high. Above the 37.00 level will expose the 37.18/37.25 highs to retest and see scope to extend the underlying bull trend from the January 2023 low. However, the latter expected to cap and lower high sought to further pressure the downside later. Meanwhile, support remains at 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 support at the 36.60/36.50 area.