BTP TECHS: (Z5) Trend Structure Remains Bullish
- RES 4: 123.14 1.764 proj of the Sep 3 - 11 - 25 price swing
- RES 3: 122.81 1.618 proj of the Sep 3 - 11 - 25 price swing
- RES 2: 122.53 1.500 proj of the Sep 3 - 11 - 25 price swing
- RES 1: 121.70/94 High Nov 13 / High Oct 17 / 22 and the bull trigger
- PRICE: 121.38 @ Close Nov 25
- SUP 1: 120.48 Low Nov 20 and key short-term support
- SUP 2: 120.15 50.0% retracement of the Sep 3 - Oct 17 bull leg
- SUP 3: 119.73 61.8% retracement of the Sep 3 - Oct 17 bull leg
- SUP 4: 119.07 Low Sep 25
The trend set-up in BTP futures is bullish and the latest pullback appears to have been a correction. A strong rally yesterday reinforces this theme. Note that the MA studies are in a bull-mode position, highlighting a dominant uptrend. A continuation higher would expose the bull trigger at 121.94, the Oct 17 and 22 high. Key short-term support has been defined at 120.48, the Nov 20 low. A clear breach of this level would resume the recent bear leg.
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BRENT TECHS: (Z5) Rally Extends
- RES 4: $76.82 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $75.43 - High Jun 23 and a bull trigger
- RES 2: $69.87/71.20 - High Sep 26 and key resistance / High Jul 30
- RES 1: $66.78 - High Oct 24
- PRICE: $66.21 @ 06:59 BST Oct 27
- SUP 1: $63.86/60.07 - Low Oct 24 / 20 and the bear trigger
- SUP 2: $58.50 - Low May 5
- SUP 3: $57.88 - Low Apr 9 and a key support
- SUP 4: $55.91 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing
Brent futures traded higher last week, resulting in a breach of resistance around the 50-day EMA, at $65.15. Clearance of this hurdle signals scope for a stronger recovery. Note that resistance at $66.58, the Oct 9 high, has been pierced. A clear breach of this level would expose key resistance at $69.87, the Sep 26 high. Key support and the bear trigger has been defined at $60.07, the Oct 20 low.
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EUROSTOXX50 TECHS: (Z5) Bullish Trend Sequence Intact
- RES 4: 5800.00 Round number resistance
- RES 3: 5777.41 1.382 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 2: 5727.18 1.236 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 1: 5717.00 High Oct 21
- PRICE: 5711.00 @ 06:49 BST Oct 27
- SUP 1: 5615.66 20-day EMA
- SUP 2: 5531.66 50-day EMA
- SUP 3: 5423.00 Low Sep 25
- SUP 4: 5366.00 Low Sep 17
The trend structure in Eurostoxx 50 futures is bullish. The recent breach of 5689.00, the Oct 2 high and bull trigger, confirms a resumption of the uptrend. This maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 5727.18, a Fibonacci projection. First support lies at 5601.40, the 20-day EMA.
