NATGAS: US Greenlights Shell and Trinidad to Develop Gas Field in Venezuela

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 173.97 High Jul 28 and the bull trigger 
• PRICE: 172.65 @ 17:35 BST Sep 9
• SUP 1: 171.15 50-day EMA
• SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

The trend set-up in EURJPY remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Note that moving average studies are in a bull-mode position too, highlighting a primary uptrend. A break of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.15.  

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 173.97 High Jul 28 and the bull trigger 
• PRICE: 172.64 @ 17:35 BST Sep 9
• SUP 1: 171.15 50-day EMA
• SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

The trend set-up in EURJPY remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Note that moving average studies are in a bull-mode position too, highlighting a primary uptrend. A break of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.15.  

• Stocks have drifted off early Tuesday session lows in the second half, breaking through narrow ranges with the DJIA outperforming despite the near-term data risk of CPI and PPI scheduled Wednesday and Thursday.
• Currently, the DJIA trades up 212.47 points (0.47%) at 45722.43, S&P E-Minis up 11 points (0.17%) at 6517.25, Nasdaq up 44.4 points (0.2%) at 21846.38.
• Energy and Communication Services sector shares continued to lead gainers late trade, a rebound in crude prices (WTI off highs at 62.69) helped oil and gas shares: Valero Energy +2.90%, Phillips 66 +2.32%, Williams Cos +1.86%, Exxon Mobil Corp +1.72% and ConocoPhillips +1.72%.
• Meanwhile, AT&T Inc +2.15%, Alphabet +1.93%, Meta Platforms +1.41% and Netflix +1.40% buoyed the Communication Services sector in the second half.
• Materials and Industrials sector shares underperformed in late trade: reports over Chinese lithium miner extending output weighing on Albemarle Corp -11.7%, followed by Freeport-McMoRan -6.47%, Smurfit WestRock -2.96%, Steel Dynamics -2.21% and Vulcan Materials -2.18%..
• The Industrials sector weighed by: Builders FirstSource -4.46%, Carrier Global -3.86%, Lennox International -3.55% and Masco -3.02%.