EU TECHNOLOGY: Nokia (NOKIA): Issuer Notes       

• RES 4: $5107.6 - 76.4% retracement of the Mar 2 - 23 bear leg 
• RES 3: $5000.0 - Round number resistance 
• RES 2: $4914.9 - 61.8% retracement of the Mar 2 - 23 bear leg 
• RES 1: $4889.4 - High Apr 16
• PRICE: $4522.2 @ 09:22 BST Apr 28
• SUP 1: $4554.2 - Low Apr 2 and a key short-term support
• SUP 2: $4420.1 - Low Mar 30
• SUP 3: $4306.4 - Low Mar 24
• SUP 4: $4099.2 - Low Mar 23 and the bear trigger

Gold is trading closer to its recent highs despite the latest pullback. A resumption of gains would resume the correction that started on Mar 23 and pave the way for an extension towards the $5000.0 handle and $5107.6, a Fibonacci retracement point. Initial firm support to watch lies at $4554.2, the Apr 2 low. A break of this level would be bearish. Note that MA studies are in a bear-mode position. This continues to highlight a stronger bearish threat.

• RES 4: $117.13 - 1.382 proj of the Mar 10 - Apr 7 - 17 price swing  
• RES 3: $113.10 - 1.236 proj of the Mar 10 - Apr 7 - 17 price swing   
• RES 2: $110.00 - Psychological round number 
• RES 1: $101.17/104.34 - High Apr 17 / High Mar 9 and the bull trigger        
• PRICE: $99.08 @ 08:08 BST Apr 28
• SUP 1: $85.08 - 50-day EMA 
• SUP 2: $78.97 - Low Apr 17
• SUP 3: $73.56 - Low Mar 10 
• SUP 4: $68.38 - Low Mar 2  

Recent weakness in WTI futures appears to have been corrective. Key support around the 50-day EMA, at $85.08, remains intact. It has been pierced, however, a clear break of it is required to signal scope for a deeper retracement. A continuation higher would open $104.34, the Mar 9 high and bull trigger. Clearance of this hurdle would confirm a resumption of the primary uptrend. Note that MA studies are in a bull-mode position.

• RES 4: $125.19 - High Jun 14 ‘22 (cont) and a key resistance 
• RES 3: $121.88 - High Jun 15 ‘22 (cont) 
• RES 2: $120.0 8 - 76.4% retracement of the Mar ‘22 - Apr ‘25 Bear leg
• RES 1: $112.12 - High Mar 19 and the bull trigger
• PRICE: $111.23 @ 09:03 BST Apr 28
• SUP 1: $99.99 20-day EMA 
• SUP 2: $91.87/86.09 - 50-day EMA / Low Apr 17
• SUP 3: $83.96 - Low Mar 11 
• SUP 4: $78.97 - Low Mar 10

The medium-term trend set-up in Brent futures remains bullish and the recovery from the Apr 17 low highlights the end of a recent corrective phase. Key resistance and the bull trigger has been defined at $112.12, the Mar 19 high. A break of this hurdle would confirm a resumption of the uptrend. The key support zone to watch is $99.99 and $92.51, the area between the 20- and 50-day EMAs.