EU CREDIT SUPPLY: Nissan: Priced

• RES 4: $72.12 - High Feb 20  
• RES 3: $71.10 - High Apr 2 and key resistance
• RES 2: $67.14 - 76.4% retracement of the Apr 2 - 9 bear leg 
• RES 1: $65.82 - High Apr 4 2 and key resistance
• PRICE: $65.08 @ 07:21 BST Jun 11 
• SUP 1: $59.74/54.33 - Low May 30 / Low April 9 and the bear trigger
• SUP 2: $53.30 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $52.14 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $50.00 - Psychological round number  

WTI futures have traded higher this week, extending the current bull cycle. The contract has cleared the 50-day EMA, signalling scope for an extension towards $67.14 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. MA studies are in a bear-mode position, highlighting a dominant M/T downtrend. Support to watch lies at $59.74, the May 30 low. A break would highlight a potential bearish reversal.

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
• RES 1: $3403.5 - High Jun 5         
• PRICE: $3336.1 @ 07:25 BST Jun 11 
• SUP 1: $3245.6 - 50-day EMA
• SUP 2: $3121.0 - Low May 15 and key support 
• SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and the latest pullback appears corrective. Medium-term trend signals remain bullish - moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3245.6, the 50-day EMA.

• RES 4: $75.33 - High Feb 20 
• RES 3: $73.88 - High Apr 2 and a bull trigger
• RES 2: $70.08 - 76.4% retracement of the Apr 2 - 9 sell-off 
• RES 1: $68.00 - High Jun 10 
• PRICE: $66.88 @ 07:10 BST Jun 11
• SUP 1: $62.09/57.78 - Low May 30 / Low April 9 and the bear trigger
• SUP 2: $55.88 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $54.70 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 4: $54.00 - Round number support

A bull cycle in Brent futures remains in play. The latest round of gains has resulted in a break of resistance at $65.45, the 50-day EMA. The continuation higher exposes $70.08, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $62.09, the May 30 low. A break would be bearish.