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(H1)‌‌ Fragile

  • 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: 135-13 @ 12:40 GMT Feb 23
  • 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

Prices resumed their downtrend Monday but have since stabilised. The outlook remains fragile, with bears setting their sights on downtrend support drawn off the August 2020 low, which today intersects at 135-09. The Feb 16 breach of 136-01, Jan 12 low, reinforces the bearish theme and confirms a resumption of the downtrend from last year. Trend resistance has been defined at 137-02, Feb 11 high. Initial firm resistance is at 136-15.

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