FRANCE AUCTION PREVIEW: On offer next week
France has announced it will be looking to sell a combined E11.5-13.5bln of the following at its LT ...
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MNI: EUROZONE OCT PPI +0.1% M/M, -0.5% Y/Y (VS -0.1% M/M, -0.2% Y/Y SEP)
- MNI: EUROZONE OCT PPI +0.1% M/M, -0.5% Y/Y (VS -0.1% M/M, -0.2% Y/Y SEP)
COMMODITIES: Recent Gains for WTI Futures Still Considered Corrective
Recent gains in WTI futures are considered corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend condition in Gold is unchanged and remains bullish. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch lies at the 50-day EMA, at $4009.2. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- WTI Crude up $0.63 or +1.07% at $59.25
- Natural Gas up $0.11 or +2.21% at $4.946
- Gold spot down $4.55 or -0.11% at $4200.94
- Copper up $10.35 or +1.97% at $534.75
- Silver down $0.34 or -0.57% at $58.129
- Platinum down $5.14 or -0.31% at $1639.75
EQUITIES: Climb Higher for Eurostoxx Futures Undermining a Bearish Theme
Recent gains in Eurostoxx 50 futures undermine a recent bearish theme and the contract is holding on to its gains. Price has cleared the 20- and 50-day EMAs, signalling scope for a stronger recovery. A continuation would open 5742.40 next, a Fibonacci retracement point. For bears, a reversal lower would instead expose the key short-term support and bear trigger at 5475.00, the Nov 21 low. First support lies at 5609.26, the 50-day EMA. S&P E-Minis are holding on to their recent gains following the recovery from the Nov 21 low. The climb has resulted in a breach of the 20- and 50- day EMAs. This highlights a bullish development and the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would signal scope for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low.
- Japan's NIKKEI closed higher by 561.23 pts or +1.14% at 49864.68 and the TOPIX ended 6.74 pts lower or -0.2% at 3334.32.
- Elsewhere, in China the SHANGHAI closed lower by 19.712 pts or -0.51% at 3878 and the HANG SENG ended 334.32 pts lower or -1.28% at 25760.73.
- Across Europe, Germany's DAX trades higher by 98.65 pts or +0.42% at 23810.01, FTSE 100 lower by 3.13 pts or -0.03% at 9698.64, CAC 40 up 17.5 pts or +0.22% at 8092.11 and Euro Stoxx 50 up 32.34 pts or +0.57% at 5718.51.
- Dow Jones mini up 104 pts or +0.22% at 47648, S&P 500 mini up 12.25 pts or +0.18% at 6852.5, NASDAQ mini up 29.75 pts or +0.12% at 25634.75.
