Break of the 36.80 congestion further extend losses from the 37.25 high to reach the 36.50 support
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.25 | ** | 1 May YTD high | S1 | 36.60 | congestion | ||
R3 | 37.18 | * | 25 Apr high | S2 | 36.50 | * | 3 May low | |
R2 | 37.00 | * | congestion | S3 | 36.24 | * | 10 Apr low | |
R1 | 36.80 | * | congestion | S4 | 36.20 | * | Feb high |
Asterisk denotes strength of level
02:55 GMT - Break of the 36.80 congestion further extend losses from the 37.25 high to reach the 36.50 support. Bounce at the latter see prices unwinding the oversold intraday studies but this is expected to give way to fresh selling pressure later. Break of the 36.50 support will see scope for 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. Lower still, will open up strong support at the 36.24/36.20 low and congestion area. Meanwhile, resistance is lowered to the 36.80/37.00 congestion area.