WTI TECHS: (Z6) Trend Structure Remains Bullish

• RES 4: $74.131 - High Jun 5
• RES 3: $72.076 - 50.0% retracement of the May 13 - Jul 17 bear leg
• RES 2: $71.142 - High Aug 28 and the bull trigger
• RES 1: $67.546 - High Sep 27         
• PRICE: $61.430 @ 08:21 BST Sep 30
• SUP 1: $58.639 - 76.4% retracement of the Jul 17 - Aug 28 bull leg. 
• SUP 2: $54.778 - Low Jul 17 and bear trigger 
• SUP 3: $52.577 - 1.000 proj of the Mar 2 - 23 - May 13 price swing
• SUP 4: $50.000 - Psychological round number

A bear cycle in Silver remains intact and Monday’s sell-off reinforces current conditions. The metal has traded to a fresh short-term cycle low to confirm a resumption of the bear leg that started on Aug 28. Sights are on $58.639, a Fibonacci retracement point. Clearance of this level would expose $54.778, the Jul 17 low and a key medium-term support. Key resistance has been defined at $71.142, the Aug 28 high.

Al Hadath reports "source for the event: Intermediaries are working to resume negotiations for a broader track that includes the nuclear file". This morning's source reports covering the matter have been dovish, but we've been here before with prior talks breaking down despite positive reporting surrounding the events.

• RES 4: 1.4328 1.764 proj of the Jan 30 - Mar 31 - May 1 price swing  
• RES 3: 1.4248 High Jun 24 and a key resistance
• RES 2: 1.4239 High Jul 6
• RES 1: 1.4202 High Sep 29
• PRICE: 1.4117 @ 08:17 BST Sep 30
• SUP 1: 1.4016 20-day EMA
• SUP 2: 1.3973/3732 50-day EMA / Low Aug 21 and the bear trigger
• SUP 3: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
• SUP 4: 1.3672 Low May 12

A clear bull cycle in USDCAD remains in play and another fresh cycle high yesterday, reinforces current bullish conditions. The pair continues to trade above the 50-day EMA. Note too that last week’s gains confirmed a breach of 1.4126, the 76.4% retracement point of the Jun 24 - Aug 21 bear leg. This highlights potential for a climb towards 1.4248, the Jun 24 high and the next key resistance. First key support to watch lies at 1.3973, the 50-day EMA.