RENEWABLES: CWE Morning Wind Forecast

• RES 4: 118.390 High Jun 13    
• RES 3: 118.030 High Jul 22 and a key resistance
• RES 2: 117.710 High Aug 5
• RES 1: 117.455 20-day EMA
• PRICE: 117.150 @ 07:12 BST Aug 13
• SUP 1: 116.970 Low Jul 25 and a bear trigger   
• SUP 2: 116.840 Low Mar 18 (cont)
• SUP 3: 116.800 Low Mar 17 (cont) 
• SUP 4: 116.637 76.4% retracement of the Mar 6 - Apr 7 bull leg (cont)

Following the early August rally, prices have faded mid-month, with prices well toward the bottom-end of the recent range. Despite piercing first resistance early last week at the 50-day EMA, prices remain capped to keep focus on the bear trigger of 116.970 - the July 25 and range low. Having failed to establish a base on the hammer formation and engulfing signal in late July, the S/T trend looks weak. Clearance of 116.970 opens levels on the continuation chart at 116.80-84.

• RES 4: 131.33 High Jun 20
• RES 3: 130.85 61.8% retracement of the Jun 13 - Jul 14 bear leg 
• RES 2: 130.76 High Jul 22
• RES 1: 130.60 High Aug 5
• PRICE: 129.24 @ 07:08 BST Aug 13
• SUP 1: 128.84 Low Jul 25 and the bear trigger 
• SUP 2: 128.40 Low Apr 9
• SUP 3: 128.19 Low Mar 27 (cont) 
• SUP 4: 127.83 76.4% retracement of the Mar 11 - Apr 7 bull leg (cont)  

Bunds slipped again into the Tuesday close, extending the spell of weakness after the break back below the 130.00 handle. The bear trigger and notable support of 128.84 is yet to be tested, but further impulsive selling will see the level under pressure. Strength above the 50-day EMA of 130.05 failed to stick, which cancels any bullish theme that followed the formation of a bullish engulfing candle on Jul 28. 129.57 marks intraday resistance.

• GERMANY FINAL JULY HICP 1.8%