BRENT TECHS: (H6) Bull Cycle Extends

• RES 4: 117.140 High Nov 26 and key resistance       
• RES 3: 117.070 High Nov 27  
• RES 2: 116.960 High Dec 1   
• RES 1: 116.320/770 High Dec 8 / 3   
• PRICE: 116.030 @ 05:20 GMT Dec 15 
• SUP 1: 115.720 Low Dec 10  
• SUP 2: 115.660.4.000 proj of the Nov 6 - 14 - 26 price swing  
• SUP 3: 115.600 Round number support
• SUP 4: 115.573 4.236 proj of the Nov 6 - 14 - 26 price swing

The trend set-up in Bobl futures remains bearish following a recent impulsive sell-off. Price has breached support at 116.790, the Nov 14 and 20 low. This confirmed a resumption of the downtrend that started mid-October. Sights are on 115.660 next, a Fibonacci projection. Note that the trend is oversold, a stronger recovery would allow this set-up to unwind. First important resistance is at 116.770, the Dec 3 high.

• RES 4: 1.1848 High Sep 18   
• RES 3: 1.1813 76.4% retracement of the Sep 17 - Nov 5 bear leg
• RES 2: 1.1779 High Oct 1
• RES 1: 1.1763 High Dec 11
• PRICE: 1.1734@ 05:53 GMT Dec 15
• SUP 1: 1.1638 20-day EMA 
• SUP 2: 1.1591 Low Dec 2 
• SUP 3: 1.1556 Low Nov 26
• SUP 4: 1.1491 Low Nov 21 

Gains in EURUSD last week reinforces a bull theme and the pair is trading closer to its recent highs. The recent breach of key short-term resistance at 1.1656, the Nov 13 high and a bull trigger, highlights a stronger reversal. Sights are on 1.1779 next, the October 1 high. Initial support to watch is 1.1638, the 20-day EMA  and a pivot level. A clear breach of the EMA would be bearish and highlight a possible reversal.

• RES 4: 129.55 High Nov 26 and key resistance    
• RES 3: 129.24 High Dec 1    
• RES 2: 128.75 High Dec 3 and a key resistance 
• RES 1: 128.08/38 High Dec 8 / 20-day EMA           
• PRICE: 127.49 @ 05:32 GMT Dec 15 
• SUP 1: 127.05 Low Dec 10         
• SUP 2: 127.00 Round number support 
• SUP 3: 126.81 2.764 projection of the Nov 12 - 20 - 26 price swing
• SUP 4: 126.58 3.000 projection of the Nov 12 - 20 - 26 price swing

Bund futures are in consolidation mode. A bear-mode cycle is intact and the contract is trading closer to its recent lows. Scope is seen for an extension towards the 127.00 handle. Key short-term resistance is 128.75, the Dec 3 high. Note that the contract is oversold. A stronger corrective bounce would allow this oversold condition to unwind. The price pattern on Dec 10 is a doji candle - a short-term reversal signal.