Institutional Technical Analysis: Key Technical Levels for Brent Crude and Natural Gas and many more.
Equity Indices held on to yesterday’s gains in the main. The S&P Futures rallied to just shy of 6850.6885 is the next resistance/target. 6750 is now (Marabuzo) support. NASDAQ Futures didn’t quite manage a close above 25055, dropping back from big resistance around the 25200-250 mark.
The DAX is now back at its 200-day SMA and a Fibonacci level at 24150.
The FTSE is sitting between 10526.5 (gap support) and 10920 (the ATH from late February).
Bund Futures also gapped up yesterday and is still north of gap support at 125.73 but a move above resistance at 126.26 wasn’t sustained. Same with T-Notes and 111.14… It got up to 111.21 where sellers returned.
EURUSD got up to 1.1722 before pulling back and is back below its 200-day SMA this morning as the dust settles (for now!). GBPUSD is back below its 200-day SMA at 1.3412 after finding sellers at 1.3484 yesterday.
Gold topped at 4888 overnight yesterday and has since tracked back to 4718 overnight. Silver also gave back much of yesterday’s overnight gains. Palladium did hold onto its gains and 1527 is now Marabuzo support in that one.
LME Copper gapped up yesterday and has now breached a downtrend line that’s been defining things of late, so that should cheer the bulls.
Brent Crude got down to 90.40 yesterday where buyers stepped in and is bid this morning. Still watching 91.66 as support, then 98.26 and 102.71–85 on further gains.
Gasoil found buyers at 1070.25 yesterday and recovered from here but has a big gap above from 1216 to 1292.50.
Dutch TTF Gas has gapped down yesterday and spent the day below the 46.53 Fibonacci level we’ve been watching of late.
EUA Carbon didn’t sustain its early bid yesterday and is still looking lower after failing at a big Fibonacci resistance recently.
Corn posted a Hammer candle and Soybeans staged a solid recovery from a low of 1140.4, getting up to 1164 overnight.
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These Levels are also mentioned daily on the PiQ ‘Morning Blast’ Podcast, hosted by Ryan Paisey at 8:30AM GMT. Find it wherever you get your podcasts.
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
Disclaimer:
This communication has been prepared solely for information and data purposes and is not intended as an Invitation or Inducement with respect to the purchase or sale of any financial instrument. This communication should not be regarded as a substitute for the exercise by the recipient of its own judgement. Any reliance placed on the communication is at the reader’s risk. Information and opinions have been obtained from sources believed to be reliable but no representation is made to their accuracy.