WTI TECHS: (G6) Remains Below Resistance For Now

• RES 4: 158.87 High Jan 10 and a key resistance
• RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
• RES 2: 158.00 Round number resistance 
• RES 1: 157.89 High Nov 20 
• PRICE: 155.59 @ 06:59 GMT Dec 1
• SUP 1: 155.26 20-day EMA
• SUP 2: 154.42 Low Nov 17   
• SUP 3: 153.06 50-day EMA  
• SUP 4: 151.54 Low Oct 29 

The trend set-up in USDJPY is bullish despite the latest pullback that for now, appears corrective. Note that a deeper retracement would allow a recent overbought condition to unwind. Support to watch lies at 155.26, the 20-day EMA. A clear break of this average would expose the 50-day EMA at 153.06. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of the trend would open 158.00.

• RES 4: 92.55 High Nov 11 
• RES 3: 92.31 High Nov 12          
• RES 2: 92.00 Round number resistance
• RES 1: 91.93 High Nov 27      
• PRICE: 91.58 @ Close Nov 28
• SUP 1: 90.53 Low Nov 25       
• SUP 2: 90.28 Low Nov 21  
• SUP 3: 90.00 Round number support    
• SUP 4: 89.86 Low Nov 19 and the bear trigger     

A volatile spike higher in Gilt futures on Nov 26 resulted in a breach of some important short-term resistance points. This strengthens a bullish theme and a continuation higher would signal scope for a climb towards resistance at 92.55, the Nov 11 high. A gap in the daily chart has been filled. For bears, a stronger reversal would refocus attention on the first important support at 90.53, the Nov 26 low.

• Belgium has opened books on its latest Bons d' Etat issue. In the first three days (through last Thursday), books were E151.79mln. This compares favourably to the E117.4mln raised through the third day of subscription last time in late August. Across lines, Belgium raised E122.82mln of the new 2.00% 1-year Dec-2026 Bons d' Etat (ISIN: BE3871308388) and E28.98mln of the new 10-year Dec-2035 Bons d' Etat (ISIN: BE3871309394). The subscription period for the issue ends tomorrow.

NOMINAL FLOWS: This week will see a redemption of E18.4bln from a formerly 10-year BTP. Coupon payments for the week total E7.5bln of which E2.7bln are from the EU, E2.6bln are Spanish and E2.1bln Italian. This leaves estimated net flows for the week at negative E7.3bln, versus negative E15.9bln last week.