BRENT TECHS: (H6) Bullish Outlook
- RES 4: $70.06 - High Jul 30
- RES 3: $68.58 - High Sep 26
- RES 2: $67.92 - 61.8% retracement of the Jun 23 - Dec 16 bear leg
- RES 1: $66.82 - High Jan 14
- PRICE: $64.05 @ 07:06 GMT Jan 21
- SUP 1: $62.63/59.75 - 50-day EMA / Low Jan 5
- SUP 2: $58.53 - Low Dec 16
- SUP 3: $58.27 - Low Apr 9 and a key support
- SUP 4: $57.87 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
The pullback in Brent futures from their recent highs is - for now - considered corrective. Initial support to watch lies at $62.63, the 50-day EMA. A break of this level would undermine the bullish theme and highlight a potential reversal. A resumption of gains would signal scope for a climb towards $68.58, the Sep 26 high. The bull trigger has been defined at $66.82, the Jan 14 high.
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EQUITY TECHS: E-MINI S&P: (H6) Trading Above Key Short-Term Support
- RES 4: 7021.79 0.618 proj Nov 21 - Dec 11 - 18 price swing
- RES 3: 7014.00 High Oct 30 and the bull trigger
- RES 2: 6932.25/6988.00 High Dec 15 / 12
- RES 1: 6832.25 20-day EMA
- PRICE: 6908.50 @ 07:08 GMT Dec 22
- SUP 1: 6771.50 Low Dec 18
- SUP 2: 6737.71 61.8% retracement of the Nov 21 - Dec 11 rally
- SUP 3: 6678.58 76.4% retracement of the Nov 21 - Dec 11 rally
- SUP 4: 6583.00 Low Nov 21
The recent pullback in S&P E-Minis appears corrective. A key short-term support has been defined at 6771.50, the Dec 18 low. A break of this level would signal scope for a deeper retracement of the recent bull phase between Nov 21 - Dec 11. This would open 6737.71, a Fibonacci retracement. For bulls a stronger resumption of gains would refocus attention on key resistance at 7014.00, the Oct 30 high.
EURJPY TECHS: Approaching Channel Resistance
- RES 4: 186.41 2.618 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 3: 185.77 2.5000 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 2: 185.05 Bull channel top drawn from the Feb 28 low
- RES 1: 184.88 Intraday high
- PRICE: 184.38 @ 07:08 GMT Dec 22
- SUP 1: 181.80 20-day EMA
- SUP 2: 179.66 50-day EMA
- SUP 3: 178.48 Low Nov 12
- SUP 4: 176.92 Bull channel support drawn from the Feb 28 low
The trend structure in EURJPY is bullish and Friday’s impulsive rally strengthens current conditions, and confirms a resumption of the primary uptrend. Sights are on 185.05, the top of a bull channel drawn from the Feb 28 low. This level also represents a key resistance point. On the downside, First key support to watch lies at 181.80, the 20-day EMA. A breach of it would signal the start of a corrective cycle.
USDJPY TECHS: Sights Are On The Bull Trigger
- 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 and bull trigger
- PRICE: 157.35 @ 07:00 GMT Dec 22
- SUP 1: 155.71/154.29 20- and 50-day EMA values
- SUP 2: 153.62 Low Nov 14
- SUP 3: 152.82 Low Nov 7
- SUP 4: 151.54 Low Oct 29
The trend structure in USDJPY is bullish and Friday’s strong rally reinforces this theme. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 157.89, the Nov 20 high and a bull trigger. A break of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 154.29, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper corrective pullback.
