LNG: LNG Cargo Diverted From Belgium to India

• MNI: GERMANY ZEW NOV ECONOMIC EXPECTATIONS 38.5
• GERMANY ZEW NOV CURRENT CONDITIONS -78.7

Recent weakness in WTI futures appears to be a flag formation - a bullish continuation pattern. This suggests that an upward corrective cycle remains intact for now. Price has recently traded through the 50-day EMA, at $60.84, signalling scope for a stronger recovery. Note too that resistance at $62.34, the Oct 8 high, has been pierced. A clear move through it would expose key resistance at $65.77, Sep 26 high. The bear trigger is $55.96, the Oct 20 low. The downleg in Gold since Oct 20 appears to have been a correction and has allowed an overbought condition to unwind. Recent gains also suggest the correction is over. Price remains above a key support at the 50-day EMA, at $3890.0.0. Clearance of this EMA would signal scope for a deeper retracement. Initial resistance is at $4161.4, the Oct 22 high. A stronger recovery would refocus attention on $4381.5, the Oct 20 high and bull trigger.

• WTI Crude up $0.31 or +0.52% at $60.43
• Natural Gas down $0.04 or -0.9% at $4.299
• Gold spot up $26.6 or +0.65% at $4142.81
• Copper down $3 or -0.59% at $507.5
• Silver up $0.44 or +0.86% at $50.9589
• Platinum up $21.06 or +1.34% at $1594.96

A medium-term bull trend in Eurostoxx 50 futures remains intact and recent weakness appears to have been a correction. Price has managed to find support below two important price points; the 50-day EMA, at 5580.70, and 5577.00, the base of a bull channel drawn from the Aug 1 low. A clear break of both levels would strengthen a bear theme and highlight a stronger reversal. Sights are on the bull trigger at 5742.00, the Oct 29 high. The trend condition in S&P E-Minis remains bullish and the pullback since the Oct 30 high appears corrective. The contract has managed to find support below the 50-day EMA, currently at 6716.03 and a key support. Friday’s activity also highlights a potential reversal signal - a bullish doji candle. This defines key support at 6655.50, the Oct 7 low. A continuation higher would signal the end of a correction and open 6953.75, Oct 30 high and bull trigger.

• Japan's NIKKEI closed lower by 68.83 pts or -0.14% at 50842.93 and the TOPIX ended 4.16 pts higher or +0.13% at 3321.58.
• Elsewhere, in China the SHANGHAI closed lower by 15.839 pts or -0.39% at 4002.758 and the HANG SENG ended 47.35 pts higher or +0.18% at 26696.41.
• Across Europe, Germany's DAX trades higher by 43.61 pts or +0.18% at 24004.77, FTSE 100 higher by 82.95 pts or +0.85% at 9870.23, CAC 40 up 53.2 pts or +0.66% at 8108.98 and Euro Stoxx 50 up 31.22 pts or +0.55% at 5695.69.
• Dow Jones mini down 32 pts or -0.07% at 47430, S&P 500 mini down 15 pts or -0.22% at 6841.75, NASDAQ mini down 101.5 pts or -0.39% at 25613.5.