Higher in consolidation from the 36.50 low as prices unwind oversold intraday studies
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
02:40 GMT - Higher in consolidation from the 36.50 low as prices unwind oversold intraday studies and correct losses from the 37.25 high. However, this is expected to give way to fresh selling pressure later and break of the 36.50 support will 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. Below this will open up strong support at the 36.24/36.20 low and congestion area. Meanwhile, resistance remains at the 36.80 then the 37.00 congestion area, expected to cap.