BRENT TECHS: (F6) Short-Term Resistance Remains Intact For Now
- 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: $65.95 - High Oct 24
- PRICE: $63.67 @ 07:08 GMT Nov 20
- SUP 1: $59.97 - Low Nov 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 continue to trade inside a range. A sell-off on Nov 12 highlights a bearish development. A resumption of weakness would expose key support and the bear trigger at $59.97, the Oct 20 low. Clearance of this support would confirm a resumption of the bear cycle. Note it is still possible that a bullish corrective cycle remains in play. A move above resistance at $65.95, the Oct 24 high, would signal scope for a stronger recovery near-term.
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FRANCE DATA: Y/Y Real Retail Sales Negative Again In Sept
"*FRANCE SEPT. RETAIL SALES VOLUME FALLS 1.2% Y/Y" bbg
- Y/Y real retail sales have been negative for seven of the nine months this year.
EURIBOR OPTIONS: Latest Option Trades
- ERH6 98.125/98.25cs vs ERZ5 98.0625/98.1875cs, bought for 2 in 1.5k.
- ERM6/ERZ5 97.9375p calendar spread, bought for 1.75 in 4k.
SILVER TECHS: Bullish Price Sequence
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.00 - Round number resistance
- RES 1: $54.567 - 2.236 proj of the Aug 20 - Sep 16 - 17 price swing
- PRICE: $51.617 @ 08:11 BST Oct 21
- SUP 1: $49.089 - 20-day EMA
- SUP 2: $44.996 - 50-day EMA
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $40.404 - Low Sep 4
Trend signals in Silver are bullish. The metal traded to a fresh cycle high again, last Friday. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on $54.567, a Fibonacci projection, and the $55.00 handle. Note that the trend is in overbought territory, a deeper pullback would allow this condition to unwind. Support to watch is $49.089, the 20-day EMA.
