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(H4) Cracks Support

BTP TECHS
  • RES 4: 121.43 High 27 and a key resistance
  • RES 3: 120.40 High Dec 29
  • RES 2: 119.77 High Jan 4
  • RES 1: 119.27 High Jan 30 and key near-term resistance
  • PRICE: 116.83 @ 08:36 GMT Feb 22
  • SUP 1: 116.50 Low Feb 22
  • SUP 2: 115.70 Low Dec 8
  • SUP 3: 114.10 50.0% retracement of the Oct 19 - Dec 27 bull cycle
  • SUP 4: 113.31 Low Nov 28

The trend condition in BTP futures is affirmed as bearish and recent weakness reinforces current conditions. Key support at 116.98, the Jan 25 low, has been cracked, and while markets held well into the Thursday close, the break signals a resumption of the bear cycle. The Dec 8 low of 115.70 sits just below. Firm resistance has been defined at 119.27, the Jan 30 high. Clearance of this level could signal scope for a stronger recovery instead.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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