EM CEEMEA CREDIT: NGERIA: April consumer prices

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• RES 4: 5906.75 High Mar 6   
• RES 3: 5837.25 High Mar 25 and the reversal trigger        
• RES 2: 5713.01 50-day EMA
• RES 1: 5505.38 20-day EMA                             
• PRICE: 5451.75 @ 14:33 BST Apr 15   
• SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce                      
• SUP 2: 4832.00 Low Apr 7 and the bear trigger 
• SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
• SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing  

A short-term reversal higher in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5505.38, the 20-day EMA. Resistance at the 50-day EMA is at 5713.01. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.

-20,000 FFJ5 95.6725, was bid at the initial cross time of 0919:12ET, DV01 $833,000; the April serial contract trades 95.6725 last (-.0025)