BRENT TECHS: (F6) Bull Flag
- 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: $64.09 @ 07:11 GMT Nov 7
- 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
The latest pullback 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 $64.62. 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.
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SILVER TECHS: Bull Wave Extends
- RES 4: $49.804 - All-time high Apr 2011 and major resistance
- RES 3: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 2: $49.000 - Round number resistance
- RES 1: $48.939 - Intraday high
- PRICE: $48.674 @ 08:19 BST Oct 8
- SUP 1: $45.056 - 20-day EMA
- SUP 2: $42.106 - 50-day EMA
- SUP 3: $40.404 - Low Sep 4
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish. The metal has traded to a fresh cycle this week, as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are on the $49.00 handle next. Clearance of this level would pave the way for a climb towards $49.444, a 3.236 projection of the Sep 4 - 16 - 17 price swing. Initial firm support to watch lies at $45.056, the 20-day EMA.
USDCAD TECHS: Bullish Wave
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4083 3.0% Upper Bollinger Band
- RES 2: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.3982 200-dma
- PRICE: 1.3964 @ 08:15 BST Oct 8
- SUP 1: 1.3889/3839 20- and 50-day EMA values
- SUP 2: 1.3727 Low Aug 29 and a bear trigger
- SUP 3: 1.3689 Low Jul 28
- SUP 4: 1.3637 Low Jul 25
USDCAD continues to trade just ahead of its recent highs. A bull cycle remains intact. The breach of 1.3959, the Sep 26 high, reinforces current conditions. The move higher maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3834, the 50-day EMA.
EUROSTOXX50 TECHS: (Z5) Trend Needle Points North
- RES 4: 5777.41 1.382 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 3: 5727.18 1.236 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 2: 5700.00 Round number resistance
- RES 1: 5689.00 High Oct 2
- PRICE: 5619.00 @ 07:55 BST Oct 8
- SUP 1: 5615.00 Intraday low
- SUP 2: 5527.10 20-day EMA
- SUP 3: 5455.98 50-day EMA
- SUP 4: 5366.00 Low Sep 17
Eurostoxx 50 futures remain in a bull-mode condition and short-term weakness is considered corrective. The recent breach of key resistance at 5525.00, the Aug 22 high, confirms a resumption of the uptrend. Sights are on the 5700.00 handle next, with potential for a test of 5727.18 further out, a Fibonacci projection. MA studies are in a bull-mode position too, highlighting a dominant uptrend. Initial firm support is 5527.10, the 20-day EMA.
