WTI TECHS: (F6) Attention Is On Support

• 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.

• German factory orders were a little stronger than expected in September, at 1.1% M/M amid an August upward revision to -0.4% (-0.8% unrevised). By itself, September represents some recovery in the series but not a material one considering index levels continue to print not far off cycle lows.
• "When large-scale orders are excluded, new orders were 1.9% higher than in the previous month. The less volatile three-month on three-month comparison showed that new orders were 3.0% lower in the 3rd quarter of 2025 than in the 2nd quarter; when large-scale orders are excluded, new orders were down 1.5%", Destatis comments.
• "Month-on-month increases seen in the automotive industry (+3.2%) and the manufacture of electrical equipment (+9.5%). The growth in new orders for the manufacture of other transport equipment (aircraft, ships, trains, military vehicles; +7.5%) also had a positive effect. By contrast, the decline in new orders for the manufacture of fabricated metal products (-19.0%) dragged" on drivers.
• Real turnover in manufacturing (released simultaneously with factory orders) would imply downside for tomorrow's IP vs the 3.0% M/M rebound expected (which would follow a very weak -4.3% in August partially on the back of some temporary summer factory closures). The relationship between the two prints has sometimes been a bix mixed in recent months, however.

• RES 4: 180.37 1.500 proj of the Jul 31 - Sep 29 - Oct 2 price swing  
• RES 3: 180.00 Psychological round number
• RES 2: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
• RES 1: 178.82 High Oct 30 and the bull trigger
• PRICE: 176.50 @ 07:18 GMT Nov 5 
• SUP 1: 176.10 Low Nov 4
• SUP 2: 175.06 50-day EMA 
• SUP 3: 173.92 Low Oct 6 and a gap high on the daily chart   
• SUP 4: 173.46 Bull channel support drawn from the Feb 28 low  

The trend in EURJPY is bullish and recent weakness appears corrective. The cross traded to a fresh cycle high last Thursday, confirming a resumption of the primary uptrend. This opens 178.94 next, a 1.236 projection of the Jul 31 - Sep 29 - Oct 2 price swing. Support to watch lies at the 50-day EMA, at 175.06. A clear break of this EMA is required to signal scope for a deeper retracement. The bull trigger is 178.82, Oct 30 high.