POWER: Works Extended at UKs Hesham 12 Nuke, Maintenance Eyed at Hesham 28

• RES 4: 6953.75 High Oct 30 and bull trigger
• RES 3: 6900.50 High Nov 12
• RES 2: 6852.56 76.4% retracement of the Oct 30 - Nov 21 bear leg 
• RES 1: 6863.75 High Nov 28    
• PRICE: 6809.50 @ 07:22 GMT Dec 1
• SUP 1: 6674.50/6525.00 Low Nov 25 / 21  
• SUP 2: 6500.00 Round number support 
• SUP 3: 6476.62 23.6% retracement of the Apr 7 - Oct 30 uptrend
• SUP 4: 6427.00 Low Sep 2  

S&P E-Minis are holding on to the bulk of their latest 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.

• 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: $59.73 @ 07:10 GMT Dec 1 
• 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   

Recent weakness in WTI futures highlights a bearish theme. 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. Note that it is still possible a bullish corrective cycle remains in play. The contract has recovered from its latest low, resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction.

• MNI: SWISS OCT RETAIL SALES +0.7% M/M, +2.7% Y/Y (VS +0.5% M/M, +1.8% Y/Y SEP)