MNI European Morning Commodities Technical Analysis

By Les Castell

     Click below for today's MNI European Commodities Technical Analysis report

- https://tinyurl.com/qcogf49

     ICE BRENT: (G18) $63.02-$62.97 Provides Support

*RES 4: $64.32 Dec 1 high

*RES 3: $64.02 1.618 swing of $63.64-$63.02

*RES 2: $63.64 Dec 8 high

*RES 1: $63.49 Hourly resistance

*PRICE: $63.14 @0430GMT                                    

*SUP 1: $62.97/02 Hourly support

*SUP 2: $62.77 Hourly base Dec 8

*SUP 3: $62.46 Hourly low Dec 8

*SUP 4: $62.26 Dec 7 high, now support

*COMMENTARY: Friday saw a $63.64 rise, just above the 76.4% Fibo retrace level

at $63.57, of the month's preceding 3 wave fall from $64.32-$61.13. This before

submitting to some near term overbought conditions. Now looking to $63.02-$62.97

to hold the fall, if a deeper pullback of those gains from $61.13 is to be

averted. Will need to see a move back above firstly $63.49 and then a sustained

rally through $63.64, before the chance of an additional $64.02 rise.

     ICE GASOIL: (F18) $562.25-$559.25 The Near Term Support

*RES 4: $571.50 Dec 1 high

*RES 3: $569.25 Dec 8 high

*RES 2: $568.25 Hourly high Dec 8

*RES 1: $565.00 Hourly resistance

*PRICE: $564.00 @0450GMT                                   

*SUP 1: $562.25 Hourly support

*SUP 2: $559.25 Dec 6 high, now support

*SUP 3: $555.75 Dec 7 high, now support

*SUP 4: $551.50 Dec 5 low

*COMMENTARY: The rally on Friday was halted at $569.25, having broken clear of

the 76.4% Fibo retrace level at $565.00 but unable as yet to reach the month's

earlier $571.50 peak. The subsequent pullback, has initial support from $562.25.

This and the Dec 6 high at $559.25 are the current protection against a deeper

correction of the gains from last week's $544.00 low. Resistance now

$565.00-$568.24, with $595.00 the attraction above $571.50.

     NYMEX HO: (F18) Needs To Sustain $1.9400 Break

*RES 4: $1.9648 Nov 27 high

*RES 3: $1.9611 Dec 1 high

*RES 2: $1.9439 Dec 8 high

*RES 1: $1.9400 Hourly resistance

*PRICE: $1.9288 @0505GMT                                

*SUP 1: $1.9154 Hourly base Dec 8

*SUP 2: $1.9020 Dec 8 low

*SUP 3: $1.8872 Dec 5 low

*SUP 4: $1.8815 Hourly base Dec 6

*COMMENTARY: Did the hard work in breaking back above $1.9400 on Friday but as

yet has been unable to sustain this rise. Ideally any setbacks are held above

$1.9154 now, if another upside challenge is to be forthcoming, at this stage.

Above $1.9400-$1.9439 and the month's earlier $1.9611 high is the bar to the

November peak at $1.9648. A loss of $1.9154 will disappoint near term and allow

a deeper pullback of recent gains from $1.8600.

     NYMEX RBOB: (F18) $1.7026 Hold Would Help Near Term

*RES 3: $1.7337 Dec 8 high

*RES 2: $1.7260 Hourly high Dec 8

*RES 1: $1.7155/63 Hourly resistance

*PRICE: $1.7088 @0520GMT                                   

*SUP 1: $1.7026 Dec 7 high, now support

*SUP 2: $1.6938 Hourly base Dec 7

*SUP 3: $1.6886/88 Hourly low/high Dec 7

*SUP 4: $1.6776 Initial recovery high Dec 7, now support

*COMMENTARY: Friday's rally to $1.7337, slightly surpassed initial resistance

from $1.7323 but was unable to sustain this rise on the day. The subsequent

setback is helping to reduce some near term overbought conditions with the Dec 7

high at $1.7026, now acting as a brake to a deeper pullback. In the meantime,

resistance from $1.7163-$1.7260 needs to be regained, before the topside is in

fresh shape again.

     NYMEX WTI: (F18) $56.98-$56.78 Support

*RES 4: $59.05 Nov 24 high

*RES 3: $58.34 Dec 4 high

*RES 2: $57.79 Dec 8 high

*RES 1: $57.60 Hourly resistance

*PRICE: $57.11 @0530GMT                                   

*SUP 1: $56.98 Hourly base Dec 8

*SUP 2: $56.78 Dec 7 high, now support

*SUP 3: $56.54 Dec 8 low

*SUP 4: $56.30 Initial recovery high Dec 7, now support

*COMMENTARY: The pullback to $55.82 last week, looks like the end of a 3 wave

correction, following the rise to $59.05 toward the end of last month. While

held above here, there is scope to see a recovery, with $57.60-$57.79 the

initial resistance to gains, with a further move back above $58.34 needed to

inspire another assault on that $59.05 high. Meanwhile a loss of $56.98 and

especially $56.78 will caution and delay gains.

     GOLD TECHS: Decline Has $1242.5-$1240.9 As Next Potential Target Zone

*RES 4: $1270.4 Nov 30 low, now resistance

*RES 3: $1263.8 Oct 27 low, now resistance

*RES 2: $1260.7 Oct 6 low, now resistance

*RES 1: $1254.5 Hourly resistance

*PRICE: $1249.5 @0534GMT

*SUP 1: $1242.5 1.618x $1299.3-$1270.4 from $1289.3

*SUP 2: $1241.9 1.618 swing of $1263.8-$1299.3

*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7

*SUP 4: $1232.6 1.618 swing of $1260.7-$1306.1

*COMMENTARY* Having lost key support from $1262.3 and $1260.7 earlier last week,

the pace of the fall quickened. This now sees congested support from between

$1242.5 and $1240.9, as the next potential target area and a brake against a

deeper $1232.6 decline. Resistance meanwhile, comes initially from $1254.5,

above which a succession of recent lows now combine to form an umbrella of

resistance above.

     SILVER TECHS: Recovering Slowly After Fall Halted Above Swing Target

*RES 4: $16.150 Dec 1 high

*RES 3: $16.031 Hourly recovery high Dec 1

*RES 2: $16.004/014 Hourly low/high Dec 1

*RES 1: $15.919 Dec 1 low, now resistance

*PRICE: $15.877 @0550GMT                                   

*SUP 1: $15.711 Dec 7 low

*SUP 2: $15.627/646 1.618 swing $16.334-$17.479, Dec 5 low

*SUP 3: $15.612 Jul 14 low

*SUP 4: $15.571 3 month bear channel base projection

*COMMENTARY: Recovering slowly after the fall to $15.646 last week saw support

emerge from just above the swing target at $15.627. This of the $16.334-$17.479

rally seen during October this year. Now facing resistance from between

$15.919-$16.031, needing back above the latter before near term bear bias is

overturned. Meanwhile, support comes from Thursday's $15.711 low and this

currently protects the downside.

--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com