Sideways movements continue, as range floor and 4h Ichimoku cloud base keep the downside protected for now. However, as daily studies look exhausted on approach to strong 1790/1802 resistance zone and MACD bearish divergence evident on 4h chart, risk of fresh weakness still exists. Break below 1750 is required to confirm reversal and expose 1725 higher platform, also near Fib 38.2% of 1646/1779 and 1715, bull trendline off 1590, 15 Aug low.
Res: 1776, 1779, 1790, 1800
Sup: 1755, 1752, 1747, 1725
Overextended daily studies weigh on the near-term outlook, as the price remains congested under 35.00 barrier, holding in one-week sideways mode. Hourly structure remains positive, with 20 day EMA underpinning, but descending MACD and lack of momentum on 4h chart, keep the downside vulnerable. Loss of 34.00/33.80 base is seen as a trigger for fresh losses, while clear break above 35.00, also Fib 38.2% of longer-term 49.77/26.04 descend, will signal continuation of one-month uptrend from 27.50, 15 Aug higher low.
Res: 34..90, 35.03, 35.10, 35.66
Sup: 34.39, 34.06, 33.95, 33.80
CRUDE OIL (Nov)
The oil price has lost ground after falls break above psychological barrier, triggered sharp sell-off. As losses accelerated though strong support and higher platform at 94.00, fresh extension to the levels under 38.2% of 77.27/100.72 and figure support at 91.00, have been seen so far. As the larger picture studies have lost bullish momentum and reversal already cracked Fib 38.2%, further weakness is seen likely, with near-term corrective action being capped at 93.50, with regain of minimum 94.00 required to avert immediate downside risk and extend near-term correction. Otherwise , fresh slide towards 90.00, psychological support, would be the likely scenario.
Res: 93.46, 94.00, 94.68, 95.00
Sup: 90.95, 90.62, 90.00, 89.77