EU BASIC INDUSTRIES: BASIC INDUSTRIES: Norsk Hydro (NHYNO Baa2/BBB/NR): 3Q24 Results

• RES 4: 102.00 Round number resistance
• RES 3: 101.78 1.00 proj of the Sep 2 - 6 - 9 price swing 
• RES 2: 101.06/101.54 High Sep 18 / 17  
• RES 1: 100.39 High Sep 19        
• PRICE: 99.22 @ Close Sep 23
• SUP 1: 99.06 Low Sep 23           
• SUP 2: 98.92 76.4% retracement of the Sep 2 - 17 bull leg   
• SUP 3: 98.11 Low Sep 2 
• SUP 4: 98.00 Round number support 

A bull cycle in Gilt futures remains intact, however, the sell-off that started Sep 7, highlights a corrective phase and Monday’s move lower suggests potential for a continuation near-term. The next support to watch lies at 98.92, a Fibonacci retracement point. A break of this level would expose the key support at 98.11, the Sep 2 low. For bulls, a reversal higher would refocus sights on 101.54, Sep 17 high. 

• RES 4: 147.21 High Sep 3  
• RES 3: 146.86 50-day EMA 
• RES 2: 145.57 High Sep 4    
• RES 1: 144.49 High Sep 20     
• PRICE: 143.96 @ 06:23 BST Sep 24
• SUP 1: 141.74/139.58 Low Sep 20 / 16 and the bear trigger     
• SUP 2: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing
• SUP 3: 138.30 1.50 proj of the Aug 15 - 26 - Sep 3 price swing
• SUP 4: 138.07 Low Jul 28 2023  

USDJPY traded higher last week and remains above its most recent low. However, short-term gains appear corrective. Trend signals remain bearish and the pair traded to a fresh cycle low last week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, a Fibonacci projection. The 20-day EMA has been breached, the next key resistance is 146.86, the 50-day EMA.