Dow, Nikkei 225 and CAC 40 gains slow ahead of US inflation data
Outlook on Brent crude oil, US natural gas and Chicago wheat following OPEC monthly report and shifting weather patterns.
Dow breaks trendline resistance
The price continued to gain on Monday, moving above trendline resistance from the August highs. This now clears the way for a possible test of the September lower high around 35,000, and then beyond this on towards the August highs at 35,660. After consolidating over the past week around 34,000, the buyers appear to be in charge once again. It would need a reversal back below trendline resistance and below the 200-day simple moving average (SMA) to suggest a new leg lower could begin.
Nikkei 225 consolidates around six-week high
Shallow trendline resistance from the June highs appears to be the index’s next target. Having found support last week around the 100-day SMA the index has now resumed its move higher, moving above the high from the beginning of November and fighting off a revival of selling pressure on Monday. After trendline resistance, the index targets 33,500, the September high, and then on to 34,000.
CAC40 back above 50-day moving average
The recovery goes on here, with the index once more moving above the 50-day SMA. The index is now moving through the lows of the summer around 7100, and the next target becomes the 7170 zone which acted as resistance in late September and early October. A failure to close above 7100 and then a drop back below 7000 might signal that a lower high is in place.
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