RENEWABLES: CWE Morning Solar Forecast

U.S. President trump posts the following on Truth Social "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

• RES 4: $75.33 - High Feb 20 
• RES 3: $73.88 - High Apr 2 and a bull trigger
• RES 2: $69.73 - 61.8% retracement of the Apr 2 - 9 sell-off 
• RES 1: $65.29/66.30 - 50-day EMA / High May 13
• PRICE: $64.76 @ 07:05 BST Jun 3
• SUP 1: $62.09/57.78 - Low May 30 / Low April 9 and the bear trigger
• SUP 2: $55.88 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $54.70 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 4: $54.00 - Round number support

Brent futures are trading at their recent highs. The medium-term trend condition is unchanged, it remains bearish and recent gains still appear to be corrective. Resistance at $65.29, the 50-day EMA, has been pierced. A clear break of the EMA would highlight a stronger bull cycle and expose $67.73, a Fibonacci retracement. On the downside, a confirmed reversal lower would open $57.78, the Apr 9 low. First support is $62.09, the May 30 low.

• RES 4: 122.70 2.000 proj of the Mar 14 - Apr 4 - 9 price swing
• RES 3: 122.00 Round number resistance
• RES 2: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
• RES 1: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
• PRICE: 121.27 @ Close Jun 3 
• SUP 1: 120.72 20-day EMA      
• SUP 2: 119.71/00 50-day EMA / Low May 14
• SUP 3: 118.76/09 Low Apr 15 / 14
• SUP 4: 117.28 Low Apr 10

A bull cycle in BTP futures remains intact and recent gains reinforce bullish conditions. Key resistance and the bull trigger at 120.72, the May 8 high, has been cleared. This confirms a resumption of the uptrend and opens 121.43 next, a Fibonacci projection. Key support to watch lies at 119.71, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement. First support lies at 120.39, the 20-day EMA.