 Hello and welcome to CMC Markets on Tuesday the 24th of November and the weekly market update. Then once again, equity markets are struggling for direction. Last week we posted a very positive week but that only contrasted with a very negative week we saw the week before and this week we're getting an awful lot of negativity once again. So these markets continue to be very schizophrenic and in that context we're going to be looking at the German DAX in the context of whether or not we can expect further upside. On the flip side of that we've still got continued weakness in commodity prices so I'm going to be looking at the copper price and the potential for further downside there and also be looking at crude oil prices in the context of the recent announcement by Saudi Arabian officials that look to potentially put a floor under oil prices at $40 a barrel and also I think the geopolitical fallout from the Turkish shooting down of a Russian fighter in Syrian airspace. So going to make a start with German DAX daily chart up here. We've looked at this chart a number of times over the past few weeks and what was true then is just as true now the really key resistance level. We talked about the confluence of resistance levels around about the 11,200 mark. We're right there now 61.8 Fibonacci retracement of the entire down move from the April highs to the September lows. We're bumping up against that. We posted a tweezer top at the end of last week. We're now seeing a significant downward move in the daily candle and we're approaching the trend line support from the September lows which currently comes in around about 10,600, 10,700. So certainly think there's potential for further downside. We are still in a significant uptrend. We still have the ECB next week. Economic data in the Euro area is improving but whatever your view on the direction of the DAX there are going to be geopolitical concerns at play given recent events in Paris. Given the state of emergencies it's been declared in France for the next three months and also the shutdown that we're seeing in Brussels and now we've got Turkey shooting down a Russian fighter plane. So there's an awful lot of geopolitical material for you as investors and traders to consider but above all look at the key resistance levels and look at the key support levels because I think they're going to be particularly important over the course of the next couple of weeks. Let's move on to copper. We've heard an awful lot of negative narrative about not only copper prices over the past few weeks but commodity prices in general, not only copper, iron ore, nickel prices, gold prices which I covered last week and I think the direction of travel there is still towards the downside despite the spike higher that we've seen in gold prices because of this geopolitical flare up but copper prices in particular have broken a very very key support level. Let's look at this long term monthly chart here on up to my right. Gone back to 2001 and the blue line that I'm looking at here is a my interpretation of the 200 month moving average. If you look at a Bloomberg chart it'll give you a similar sort of view in terms of the 200 month moving average and we can see that we broke in below the 200 month moving average for the first time since the beginning of this century around about 2000, 2001. When we previously tested it in 2008 we rebounded off it. We rallied back towards the all-time highs in 2011. We are now below that. Don't underestimate the significance of that downward move. We are in November. We haven't closed the month yet. It's highly unlikely though that we won't close below that and that is potentially going to be a very negative signal going forward. At the moment we're finding support around about $200. That equates to the horizontal support and resistance line that I've drawn through the bottom of the chart and this month's lows as well as the peaks that we saw just after the just after the rally that we saw at the beginning of 2008. But certainly we move on to the daily chart. We can see with respect to the resistance level we need a rebound back through 225 to diminish the downside risk and at the moment that doesn't appear to be a likely outcome at this moment in time irrespective of the fact that the daily oscillator is oversold. I'm going to finish up with WTI crude daily chart here once again and we do appear to be carving out a little bit of a short term base. Obviously the concerns in the Middle East are going to be mildly supportive. The supply and demand dynamics haven't changed but what could change and that's sort of illustrated by these long shadows on the daily candles. The long shadows on the daily candles which suggests that the market is looking a little bit short and given the comments by the Saudi Arabia earlier this week and also the fact that hedge fund shorts are at significantly elevated levels I would expect that the downside is likely to remain fairly limited. Having said that I think for us to signal a significant rebound in crude oil prices we need to break above the $43 a barrel mark which signifies the September and October lows in that horizontal line that I've drawn through those lows throughout September and October so we could see a short term rebound but we need to see a move back through $43 to signify that we've seen a potential short term base. So that's it for this week once again thanks very much for listening this is Michael Houston talking to you from CMC Markets.