Gains has given way to selling pressure and rejection at the 37.00 level seen reversing bounce from the 36.50 low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 37.50 | * | congestion | S1 | 36.67 | 6 May low | ||
R3 | 37.25 | ** | 1 May YTD high | S2 | 36.50 | * | 3 May low | |
R2 | 37.18 | * | 25 Apr high | S3 | 36.24 | * | 10 Apr low | |
R1 | 37.00 | * | congestion | S4 | 36.20 | * | Feb high |
Asterisk denotes strength of level
03:00 GMT - Gains has given way to selling pressure and rejection at the 37.00 level seen reversing bounce from the 36.50 low. Break of the 36.80 congestive support return focus to the 36.67 support and 36.50 low. Negative daily and weekly studies highlights risk for break of the latter to extend pullback from the 37.25 high. Lower will see scope to the 36.33/36.24 area then the strong support at the 36.20, February high. Meanwhile, resistance is lowered to the 36.80 congestion and this is now expected to cap and sustain losses from the 37.00 lower high.