RENEWABLES: CWE Morning Wind Forecast

• RES 4: $71.47 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.68 - High Jul 30
• RES 2: $65.77/68.43 - High Sep 26 and key resistance 
• RES 1: $62.59 - High Oct 24    
• PRICE: $60.50 @ 07:20 GMT Nov 5 
• SUP 1: $59.64/55.96 - Low Oct 23 & 30 / Low Oct 20 and bear trigger
• SUP 2: $54.85 - Low May 5
• SUP 3: $54.16 - Low Apr 9 and a key support
• SUP 4: $53.23 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

WTI futures are unchanged and the contract remains in a corrective cycle for now. Note that price has recently traded through the 50-day EMA, currently at $61.03. The breach of this EMA signals scope for a stronger recovery. Note too that a resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low.

• RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
• RES 3: $4400.0 - Round number resistance
• RES 2: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger
• RES 1: $4046.2 - High Oct 31                 
• PRICE: $3966.0 @ 07:28 GMT Nov 5 
• SUP 1: $3886.6 - Low Oct 28  
• SUP 2: $3867.3 - 50-day EMA
• SUP 3: $3800.00 Round number support 
• SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg

A fresh cycle low last week in Gold highlights an extension of the bear cycle that started Oct 20. The retracement since Oct 20 has allowed an overbought trend condition to unwind. The 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3867.3. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.

• RES 4: $71.45 - 76.4% retracement of the Jun 23 - Oct 20 bear leg  
• RES 3: $70.69 - High Jul 30
• RES 2: $69.29 - High Sep 26 and a key resistance 
• RES 1: $65.98 - High Oct 9 
• PRICE: $64.37 @ 07:15 GMT Nov 5
• SUP 1: $63.37/59.97 - Low Oct 24 / 20 and the bear trigger  
• SUP 2: $58.72 - Low May 5
• SUP 3: $57.99 - Low Apr 9 and a key support
• SUP 4: $56.05 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

Brent futures are in consolidation mode. A short-term corrective bull cycle  appears intact for now. Price has recently traded through the 50-day EMA, at $64.08. Clearance of this hurdle signals scope for a stronger recovery. The next hurdle to monitor is  $65.98, the Oct 9 high. A clear breach of this level would expose a key resistance at $69.29, the Sep 26 high. Key support and the bear trigger lies at $59.97, the Oct 20 low.