Reviewing the daily chart shows extreme pressure to the downside over recent days, yet the bottom trend line held.
We are still range bound with no clear trend, however analysing the current range, an uptrend is assumed.
It is important to counter in the news and market sentiment. With ongoing conflict affecting supply chains, and concerns over supply chains being cut-off or heavily reduced, this will negatively impact supply and increase demand - leading to higher prices.
Technical Analysis
RSI is nearing the oversold level, and has on the last 2 days turned upwards - however looking over the last few days, this is no guarantee of continuation.
We have a bullish looking formation in the last 3 days of daily candles, with large wicks rejecting the botton of the trend line.
Support levels:
100.95
93.00
84.30
73.30
Resistance levels:
126.35
111.50
We are still range bound with no clear trend, however analysing the current range, an uptrend is assumed.
It is important to counter in the news and market sentiment. With ongoing conflict affecting supply chains, and concerns over supply chains being cut-off or heavily reduced, this will negatively impact supply and increase demand - leading to higher prices.
Technical Analysis
RSI is nearing the oversold level, and has on the last 2 days turned upwards - however looking over the last few days, this is no guarantee of continuation.
We have a bullish looking formation in the last 3 days of daily candles, with large wicks rejecting the botton of the trend line.
Support levels:
100.95
93.00
84.30
73.30
Resistance levels:
126.35
111.50