RENEWABLES: CWE Morning Solar Forecast

• RES 4: $82.62 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $80.43 - 2.764 proj of the Apr 9 - 23 - May 5 price swing 
• RES 2: $80.00 - Psychological round number
• RES 1: $71.20/78.40 - 50.0% of the Jun 23-24 range / High Jun 23  
• PRICE: $67.47 @ 07:21 BST Jul 21 
• SUP 1: $65.68/64.00 - 50-day EMA / Low Jun 24 
• SUP 2: $58.87 - Low May 30
• SUP 3: $54.81 - Low May 5
• SUP 4: $54.13 - Low Apr 9 and a key support  

A bearish tone in WTI futures remains intact and the recovery since Jun 24 is considered corrective. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower. Support to watch is the 50-day EMA, at $65.68. The average has been pierced, a clear break of it would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range.

• RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 3: $3500.1 - High Apr 22 and bull trigger
• RES 2: $3395.1/3451.3 - High Jun 23 / 16  
• RES 1: $3377.4 - High Jul 16           
• PRICE: 3369.9 @ 07:29 BST Jul 21 
• SUP 1: $3282.8/3248.7 - Low Jul 9 / Low Jun 30 and the bear trigger 
• SUP 2: $3204.7 - Low May 20
• SUP 3: $3121.0 - Low May 15 and key support
• SUP 4: $3085.0 - 76.4% retracement of the Apr 7 - 22 bull leg  

A bull cycle in Gold that started Jun 30, remains intact and the yellow metal is holding on to its recent gains - for now. Note that medium-term trend conditions are bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. An extension would expose $3395.1, the Jun 23 high, and $3451.3, the Jun 16 high. The bear trigger is $3248.7, the Jun 30 low. First support to watch is 3282.8, the Jul 9 low.

Sovereign rating reviews of note from after hours on Friday include: 

• Fitch affirmed Canada at AA+; Outlook Stable
• Moody's affirmed the Czech Republic at Aa3, outlook stable
• Morningstar DBRS confirmed the European Financial Stability Facility (EFSF) at AAA, Stable Trend
• Morningstar DBRS confirmed the European Stability Mechanism (ESM) at AAA, Stable Trend
• Morningstar DBRS confirmed Portugal at A (high), Stable Trend
• Morningstar DBRS confirmed Switzerland at AAA, Stable Trend
• Scope Ratings affirmed the European Financial Stability Facility (EFSF) at AA+; Outlook Stable
• Scope Ratings affirmed the European Stability Mechanism (ESM) at AAA: Outlook Stable
• Scope Ratings affirmed Spain A; Outlook Stable