EU CREDIT SUPPLY: Société Générale (SOCGEN): IPT

• RES 4: 7000.00 Psychological round number
• RES 3: 6953.75 High Oct 30 and bull trigger
• RES 2: 6918.50 High Oct 31
• RES 1: 6905.00 High Dec 5    
• PRICE: 6862.50 @ 07:22 GMT Dec 9
• SUP 1: 6802.68 20-day EMA  
• SUP 2: 6753.26 50-day EMA 
• SUP 3: 6674.50 Low Nov 25 
• SUP 4: 6525.00 Low Nov 21 and a key support

A bull cycle in S&P E-Minis remains intact and price is trading above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential 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. First support is at 6802.68, the 20-day EMA.

• RES 4: $71.38 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.16 - High Jul 30
• RES 2: $65.33 - High Sep 26 and key resistance 
• RES 1: $61.84 - High Oct 24    
• PRICE: $58.80 @ 07:18 GMT Dec 9
• SUP 1: $55.99 - Low Oct 20 and bear trigger
• SUP 2: $55.33 - Low May 1
• SUP 3: $54.72 - Low Apr 9 and a key support
• SUP 4: $53.53 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

Short-term gains in WTI futures appear corrective - for now. 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.

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