Weekly technical levels:
Note:
- R3 and S3 are a good indication of the maximum range for extremely volatile days, but can be exceeded occasionally.
- Pivot (PP) lines work well on sideways markets, as prices most likely range between the R1 and S1 line.
- In a strong trend, the price will be lower than a pivot point line and keep going.
- If there is significant news to influence on the market, the price may go straight through R1 or S1 and reach even R2 and R3 or S2 and S3.
In the chart:
- PP is a Pivot Point.
- S is Support.
- R is Resistance.
- The close of the last week at New York session.
