Near-term price action retains sideways mode, despite posting marginally higher high at 1779.00 today. As hourly studies remain neutral, downside extension of the wave c that commenced from 1779.00 and targets the range base at 1751.90 is seen likely. Descending indicators on 4h chart support this scenario. 20 day EMA at 1770 offers initial support, ahead of higher low at 1765. Alternative scenario sees break above 1779 as a trigger for extension towards strong resistance zone at 1790/1802.
Res: 1777, 1779, 1790, 1795
Sup: 1765, 1760, 1752, 1747
The price action remains entrenched within 34.23/35.03 range, as repeated failure to clear psychological 35.00 barrier, sees potential for further sideways movements. With neutral hourly studies and lack of momentum on 4h chart ones, looking for test of initial support at 34.41, below which to expose range bottom at 33.80, near 50% of 32.67/35.03 ascend.
Res: 34.95, 35.03, 35.10, 35.66
Sup: 34.41, 34.25, 33.95, 33.80
CRUDE OIL (Nov)
Oil price remains under increased pressure, following fresh weakness off yesterday’s recovery peak at 97.51. Loss of yesterday’s low at 95.41, turns near-term focus at Monday’s spike low at 95.00, as negative short-term studies keep the downside favored. Break below the latter to open more significant 94.00 platform and sideline short-term bulls. 200 day MA at 96.51, caps for now.
Res: 96.00, 96.48, 96.92, 97.51
Sup: 95.18, 95.00, 94.40, 94.00