A look at the key technical analysis trends for the week.



From my last post price activity has been rather subdued. As you can see by the chart cable is currently in a period of consolidation between 1.4375/1.4535 as neither the bull’s or bears take control of this market.

For the time being the 1.4400/1.4375 level is still acting as pivotal support and any significant break of these levels could suggest prices test the 61.8% (1.4293) Fibonacci retracement level of the rally from April's swing lows as this may give the bears a firmer foothold on the market, interestingly the 50% (1.4303) Fibonacci retracement from February’s swing lows, again may add a band of support should prices look to fall.

However if this zone should hold and the bulls regain traction there is potential to test Thurday's swing high of 1.4531, this level mat act short term resistance keeping the bulls in their place.



NYMEX front month contract has seen a seen considerable volatility since the post on Monday. Initially the $46.00 level acted as resistance which saw the bears take the market down to 43.05 which was a brief test of the rising channel.

This test proved to be firm as price then rallied to assault the 46.00 level which it comfortably surpassed after the EIA US crude oil stocks change surprised the market with a reduction of 3.41 million barrels to make a high of 47.02.

At present the $46.00 is acting as short term support as price consolidates its recent move with intermittent resistance at 46.42



This week the DAX has failed to find any specific direction as it is battling as to whether or not to hold trend support as it has moved in and out of this potential support line. This week’s high of 10110 was firmly rejected to see price then test 9760 in which price has firmly recovered. The daily close will be key to see if this trend support is retaken after Thursdays close below it showing potential signs of weakness of this trend, however the lower shadow on the candle does show some bullish momentum as it held last weeks low.

Short term resistances lies between 10000/10110 with potential support at 9832/9760  

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