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FINLAND AUCTION PREVIEW

2.625% Jul-42 RFGB

WTI TECHS

(V1) Bullish Following Bear Channel Breakout

BRENT TECHS

(X1) Heading North

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  • RES 4: 4650.60 1.236 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 3: 4600.00 Round number resistance
  • RES 2: 4591.25 1.000 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 1: 4519.75/39.50 High Sep 9 / High Sep 3 and the bull trigger
  • PRICE: 4439.50 @ 14:24 BST Sep 15
  • SUP 1: 4434.50 Low Sep 13
  • SUP 2: 4407.80 50-day EMA
  • SUP 3: 4339.75 Low Aug 19 and the bear trigger
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis traded lower yesterday, extending the corrective pullback from 4539.50, Sep 3 high. The contract has recently breached its 20-day EMA and this signals potential for a pullback towards and test of the key 50-day EMA that intersects at 4407.80 today. The 50-day EMA still represents a key trend support parameter for bulls. A clear break would be bearish. On the upside, initial resistance is at 4519.75, Sep 9.