Leaning lower in range from the 37.10 high and bearish divergence on daily studies suggest the 36.80 support now at risk
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.63 | 27 Oct 2022 low | S1 | 36.80 | * | congestion | ||
R3 | 37.50 | * | congestion | S2 | 36.50 | * | congestion | |
R2 | 37.24 | ** | 4 Oct 2023 year high | S3 | 36.24 | 10 Apr low | ||
R1 | 37.10 | ** | 22 Apr YTD high | S4 | 36.20 | * | Feb high |
Asterisk denotes strength of level
03:10 GMT - Leaning lower in range from the 37.10 high and bearish divergence on daily studies suggest the 36.80 support now at risk. Break here will turn focus lower to unwind the overbought daily studies and see room for deeper pullback to retrace the strong run-up from the 35.29, March low. Lower will see room to the 36.50 congestion then the strong support at the 36.24/36.20 area. Meanwhile, resistance at the 37.10 high now expected to cap. Break here, if seen, will see room for retest of the 37.24, October 2023 year high.