21:08 UTC
Recovery stalled, five-week range with lower highs · RSI 46 · price 65.192
62.30–68.31 range after the Jul–Aug swing from 54.76 to 71.17; lower highs pressing down.
The Jul–Aug swing from the 54.76 low to the 71.17 aug high has given way to a five-week range between the 62.30 range low and the 68.31 range top, with lower highs at 71.17, 68.31 and this week's 67.53 lower high. Wednesday's hot PMI beat and hawkish Fedspeak produced a rejection from 67.50, taking price back below EMA20 near 65.50. It still holds above a flat-to-rising EMA50 and the 38.2% retracement near 64.90, with RSI near 46 and neutral.
Support: 63.48, 62.30, 61.02
Resistance: 67.53, 68.31, 71.17
What it said to watch
- Daily close below the 63.48 swing low exposes the 62.30 range low, which sits near the 50% retracement of the Jul–Aug swing
- Close under the 62.30 range low breaks the five-week range and opens the 61.8% fib at 61.02
- Daily close above the 67.53 lower high breaks the lower highs line and brings the 68.31 range top and the 71.17 aug high back into view
- Thu jobless claims (f/c 201K) and Williams/Hammack Fedspeak could materially shift this read via USD and yields