Sharply higher to extend break to fresh year high at the start of the week
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 58.000 | * | congestion | S1 | 57.000 | figure | ||
R3 | 57.850 | * | Oct 2022 low | S2 | 56.670 | * | 5 Apr high | |
R2 | 57.570 | * | 16 Nov 2022 high | S3 | 56.500 | * | congestion | |
R1 | 57.300 | 7 Sep 2022 high | S4 | 56.370 | 12 Apr low |
Asterisk denotes strength of level
05:40 GMT - Sharply higher to extend break to fresh year high at the start of the week to see follow-through above the 57.140 high of 2023. Break here extend the broader gains from the 53.650 low of February 2023 and see scope to target 57.300 level and 57.570 resistance. However, deep overbought daily studies caution corrective pullback and see support now at the 57.000 level which should now underpin immediate pullback. Break below this will turn focus lower to correct the strong run-up from the March low at 55.230 and see scope to 56.670/56.500 area.