BRENT TECHS: (F6) Monitoring Resistance
- 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: $64.04 @ 07:04 GMT Oct 31
- 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
A short-term corrective bull cycle in Brent futures remains intact for now. The contract has recently traded through the 50-day EMA, at $64.72. 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.
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SILVER TECHS: Fresh Cycle High
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $46.907 @ 08:01 BST Oct 1
- SUP 1: $44.601/43.287 - Low Sep 26 / 20-day EMA
- SUP 2: $40.856 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal has traded higher this week as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.857 next, a 2.618 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards the $48.00 handle. Initial firm support to watch lies at $43.287, the 20-day EMA.
GILTS: Opening Calls
Gilt calls, 90.60/90.62.
EQUITIES: EU Cash Opening Calls
Estox 50: -0.08%, Dax: -0.27%, CAC: +0.15%, FTSE +0.20%, SMI +0.39%,
