Extending pullback from the 37.25 YTD high as prices unwind the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.63 | 27 Oct 2022 low | S1 | 36.80 | * | congestion | ||
R3 | 37.50 | * | congestion | S2 | 36.60 | congestion | ||
R2 | 37.25 | ** | 1 May YTD high | S3 | 36.50 | * | 22 Mar high | |
R1 | 37.18 | * | 25 Apr high | S4 | 36.24 | * | 10 Apr low |
Asterisk denotes strength of level
04:20 GMT - Extending pullback from the 37.25 YTD high as prices unwind the overbought intraday and daily studies to reach the 36.80 support. Weekly chart are stretched as well and suggest scope for break here to see deeper retracement of the strong run-up from the 35.29 March low. Break 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 37.00 level and should now cap and sustain losses from the 37.18 and 37.25 highs.