SCHATZ TECHS: (Z5) Bear Cycle Intact For Now

• RES 4: $76.89 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $73.39 - High Jun 23 and a bull trigger 
• RES 1: $66.42/68.43 - High Sep 29 / High Jul 30 and key resistance   
• PRICE: $62.49 @ 07:17 BST Oct 1
• SUP 1: $60.85 - Low Aug 13 and the bear trigger 
• SUP 2: $57.50 - Low May 30
• SUP 3: $54.89 - Low May 5
• SUP 4: $54.10 - Low Apr 9 and a key support

WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a clear reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend.

• RES 4: $3987.3 - 2.236 proj of the May 15 - Jun 16 - 30 price swing
• RES 3: $3909.4 - 2.000 proj of the May 15 - Jun 16 - 30 price swing
• RES 2: $3900.0 Round number resistance
• RES 1: $3875.5 - Intraday high              
• PRICE: $3857.1 @ 07:24 BST Oct 1
• SUP 1: $3760.9 - Low Sep 29  
• SUP 2: $3682.7 - 20-day EMA
• SUP 3: $3628.1 - Low Sep 18
• SUP 4: $3548.7 - 50-day EMA  

The trend condition in Gold is unchanged and a bull cycle remains in play. The yellow metal has traded to a fresh cycle high this week, confirming a resumption of the primary uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on $3909.4, a Fibonacci projection. On the downside, support to watch lies at $3646.3, the 20-day EMA. A pullback would be considered corrective. 

• RES 4: $78.63 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $76.82 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $75.43 - High Jun 23 and a bull trigger 
• RES 1: $69.87/71.20 - High Sep 26 / High Jul 30 and key resistance 
• PRICE: $66.12 @ 07:09 BST Oct 1
• SUP 1: $64.20 - Low Jun 30 and a key short-term support
• SUP 2: $58.50 - Low May 5
• SUP 4: $57.88 - Low Apr 9 and a key support   

Brent futures traded higher last week, however, the contract has pulled back from its recent peak. A resumption of gains would suggest scope for a continuation of a bullish corrective cycle and expose key resistance at $71.93, the Jul 30 high. The medium-term outlook remains bearish and sights are on key support and the bear trigger at $64.50, the Jun 30 low. Clearance of this level would strengthen a bearish theme.