BRENT TECHS: (G6) Key SUpport Remains Exposed
- RES 4: $70.86 - 76.4% retracement of the Jun 23 - Oct 17 bear leg
- RES 3: $70.33 - High Jul 30
- RES 2: $68.86 - High Sep 26 and a key resistance
- RES 1: $65.25 - High Oct 24
- PRICE: $61.62 @ 07:08 GMT Dec 12
- SUP 1: $59.93 - Low Nov 20 and the bear trigger
- SUP 2: $58.92 - Low May 5
- SUP 3: $58.11 - Low Apr 9 and a key support
- SUP 4: $56.22 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing
A bearish theme in Brent futures remains present and this is highlighted by moving average studies that remain in a bear-mode condition. A continuation lower would expose key support and the bear trigger at $59.93, the Oct 20 low. Clearance of this level would confirm a resumption of the bear cycle. Key short-term resistance to watch is unchanged at $65.25, the Oct 24 high. A breach of this level would instead signal scope for a stronger correction
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
UK: Streeting says he is not planning leadership challenge
"*THERE IS NO LEADERSHIP CHALLENGE FROM ME, STREETING SAYS" Bbg
Note that this is in response to the front page of the Guardian that discusses that "Downing Street has launched an extraordinary operation to protect Kier Starmer" and names Streeting as a likely senior challenger.
- Opinion pieces last night noted that this may be briefings from Number 10, knowing that Streeting was already due to do the media round today, in order to force him to deny the allegations and pledge public supports for Starmer. And this is seen to be party management ahead of the Budget.
GILT TECHS: (Z5) Trend Needle Points North
- RES 4: 94.60 1.764proj of the Sep 3 - 11 - 26 price swing
- RES 3: 94.24 1.618 proj of the Sep 3 - 11 - 26 price swing
- RES 2: 94.00 Round number resistance
- RES 1: 93.98 High Nov 4 and the bull trigger
- PRICE: 93.87 @ Close Nov 11
- SUP 1: 93.09/75 20-day EMA / Low Nov 10
- SUP 2: 92.38 Low Oct 20
- SUP 3: 92.36 50-day EMA
- SUP 4: 91.82 High Sep 11
The trend theme in Gilt futures remains bullish and this week’s strong bounce - so far - reinforces a bull theme. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on the bull trigger at 93.98, the Nov 4 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 94.24, a Fibonacci projection. Support to watch lies at 93.09, the 20-day EMA.
BTP TECHS: (Z5) Bull Flag
- RES 4: 123.14 1.764 proj of the Sep 3 - 11 - 25 price swing
- RES 3: 122.81 1.618 proj of the Sep 3 - 11 - 25 price swing
- RES 2: 122.53 1.500 proj of the Sep 3 - 11 - 25 price swing
- RES 1: 121.94 High Oct 17 / 22 and the bull trigger
- PRICE: 121.34 @ Close Nov 11
- SUP 1: 120.74 High Aug 5 and a recent breakout level
- SUP 2: 120.71 50-day EMA
- SUP 3: 120.13 Low Oct 10
- SUP 4: 119.48 Low Oct 7
The trend set-up in BTP futures is unchanged and conditions remain bullish. Recent weakness appears corrective - the move down since Oct 22 appears to be flag formation, a bullish continuation pattern. Note too the moving average studies are in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 121.94, the Oct 17 / 24 high. Initial firm support to watch is 120.74, the Aug 5 high.
