RENEWABLES: CWE Morning Wind Forecast

• RES 4: 5896.39 50-day EMA 
• RES 3: 5837.25 High Mar 25 and a key resistance    
• RES 2: 5778.68 20-day EMA
• RES 1: 5651.25 Low Mar 21                       
• PRICE: 5584.50 @ 07:02 BST Mar 31  
• SUP 1: 5574.25 Intraday low                   
• SUP 2: 5559.75 Low Mar 13 and the bear trigger 
• SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing         

S&P E-Minis traded sharply lower Friday and the contract maintains a softer tone. Attention is on key support and the bear trigger at, 5559.75, the Mar 13 low. A break of this level would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high. 

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

• S&P affirmed the Czech Republic at AA-; Outlook Stable
• Scope Ratings affirmed the United Kingdom at AA; Outlook Stable

• RES 4: 5600.00 Round number resistance
• RES 3: 5516.00 High Mar 3 and the bull trigger 
• RES 2: 5471.00 High Mar 19 / 20 
• RES 1: 5359.39 20-day EMA              
• PRICE: 5218.00 @ 06:41 BST Mar 31 
• SUP 1: 5200.00 Round number support                 
• SUP 2: 5160.00 Low Feb 4
• SUP 3: 5079.00 Low Feb 3 and a key support       
• SUP 4: 5040.00 Low Jan 16       

Eurostoxx 50 futures are trading lower today and this has resulted in a breach of key support at 5229.00, the Mar 11 low. The print below this support undermines a bullish theme and signals scope for a deeper retracement. Sights are on the 5200 handle next, where a break would open 5079.00, the Feb 3 low. It is still possible that recent weakness is part of a broader correction. Initial resistance to watch is 5359.39, the 20-day EMA.