EQUITY TECHS: E-MINI S&P: (Z5) Corrective Pullback
- RES 4: 7000.00 Psychological round number
- RES 3: 6953.75 High Oct 30 and bull trigger
- RES 2: 6918.50 High Oct 31
- RES 1: 6908.00 High Dec 10
- PRICE: 6835.75 @ 07:22 GMT Dec 11
- SUP 1: 6815.09 20-day EMA
- SUP 2: 6762.27 50-day EMA
- SUP 3: 6674.50 Low Nov 25
- SUP 4: 6525.00 Low Nov 21 and a key support
A bull cycle in S&P E-Minis remains intact and today’s pullback appears corrective - for now. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A resumption of gains would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support to watch is at 6815.09, the 20-day EMA.
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WTI TECHS: (Z5) Bullish Corrective Cycle
- 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: $59.81 @ 07:19 GMT Nov 11
- SUP 1: $58.83/55.96 - Low Nov 6 / 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
Recent weakness in WTI futures appears to be a flag formation - a bullish continuation pattern. This suggests that an upward corrective cycle remains intact for now. Price has recently traded through the 50-day EMA, at $60.84, signalling scope for a stronger recovery. Note too that resistance at $62.34, the Oct 8 high, has been pierced. A clear move through it would expose key resistance at $65.77, Sep 26 high. The bear trigger is $55.96, the Oct 20 low.
GOLD TECHS: Recovery Signals The End Of A Corrective Phase
- 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: $4381.5 - High Oct 20 and bull trigger
- RES 1: $4161.4 - High Oct 22
- PRICE: $4130.1 @ 07:25 GMT Nov 11
- SUP 1: $3998.7 - Low Nov 10
- SUP 2: $3890.0 - 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
The downleg in Gold since Oct 20 appears to have been a correction and has allowed an overbought condition to unwind. Recent gains also suggest the correction is over. Price remains above a key support at the 50-day EMA, at $3890.0.0. Clearance of this EMA would signal scope for a deeper retracement. Initial resistance is at $4161.4, the Oct 22 high. A stronger recovery would refocus attention on $4381.5, the Oct 20 high and bull trigger.
BRENT TECHS: (F6) Bull Flag Formation
- 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: $63.79 @ 07:08 GMT Nov 11
- SUP 1: $62.84/59.97 - Low Nov 6 / 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
Recent activity in Brent futures appears to be a flag formation - a bullish continuation pattern. This suggests that a corrective cycle remains intact for now. Price has recently traded through the 50-day EMA, at $64.56. Clearance of this hurdle signals scope for a stronger recovery. The next resistance to monitor is $65.98, the Oct 9 high. A clear breach of it would expose a key resistance at $69.29, the Sep 26 high. Key support lies at $59.97, Oct 20 low.
