Free Trial

(H2) Impulsive Resumption Of The Bear Trend

  • RES 4: 146.93/147.06 50-day EMA / High Jan 13
  • RES 3: 146.16 High Feb 1
  • RES 2: 145.11 High Feb 3
  • RES 1: 144.55 Low Jan 27 and recent breakout level
  • PRICE: 142.46 @ Close Feb 3
  • SUP 1: 142.00 Round number support
  • SUP 2: 141.36 Low Jun 15, 2020 (cont)
  • SUP 3: 140.14 Low Jun 10, 2020 (cont)
  • SUP 4: 139.87 50.0% retracement of the 2020 - 2021 bull cycle

A sharp sell-off dominated yesterday’s price action in BTP futures. The break below former support at 144.55, Jan 27 low confirms a resumption of the downtrend and maintains the broader bearish price sequence of lower lows and lower highs. The focus is on the 142.00 handle next. On the upside, initial resistance is seen at the recent breakout level of 144.55. Short-term gains would be considered corrective.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.