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‌‌(H1)‌‌ Bears Still In Charge

  • RES 4: 137-03+ 50-day EMA
  • RES 3: 137-02 High Feb 11 and key resistance
  • RES 2: 136-15 High Feb 15
  • RES 1: 136-02 High Feb 18
  • PRICE: 135-17 @ 15:28 GMT Feb 22
  • SUP 1: 135-08 Downtrend Support Drawn Off Aug 28 Low
  • SUP 2: 135-01 Low Feb 22 and bear trigger
  • SUP 3: 135-00 1.236 proj of Jan 4 - Jan 12 sell-off from Jan 27 high
  • SUP 4: 134.22 1.382 proj of Jan 4 - Jan 12 sell-off from Jan 27 high

The modest stabilisation of prices mid-last week gave way to further selling pressure into the Friday close, with the outlook still weak at the beginning of this week. New cycle lows of 135-01 were printed Monday, but prices swiftly recovered above the downtrendline drawn off the August 2020 low. Monday's low of 135-01 is now the bear trigger. Trend resistance has been defined at 137-02, Feb 11 high. Initial firm resistance is at 136-15.

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