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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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(M1) Bears in Control

  • RES 3: 100.00 - Psychological round number
  • RES 2: 99.860 - All time High Nov 3 and the bull trigger
  • RES 1: 99.840 - Nov 23/24 high
  • PRICE: 99.610 @ 16:09 GMT Feb 26
  • SUP 1: 99.600 - Low Feb 26
  • SUP 2: 99.587 - 3.0% Lower Bollinger Band
  • SUP 3: 99.552 - 38.2% 2020 Rally

The technical picture went from bad to worse last week, with prices falling sharply to hit new cycle and 2021 lows of 99.600. This further cements the negative outlook, raising the risk of a more protracted downturn after prices slipped through 99.736 Fib support. To the upside, a break of 99.835, Dec 23 high would trigger gains and set the scene for a climb towards 99.840, Nov 23/24 high.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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