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(M1) Downtrend Accelerates

BTP TECHS
  • RES 4: 148.85 High Apr 15
  • RES 3: 148.65 High Apr 22
  • RES 2: 147.79 High May 4 and key near-term resistance
  • RES 1: 147.33 High May 7
  • PRICE: 145.55 @ Close May 13
  • SUP 1: 145.15 Low May 13
  • SUP 2: 144.96 Low Sep 9, 2020 (cont)
  • SUP 3: 144.16 1.236 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 4: 143.87 2.0% 10-dma envelope

BTP futures remain weak and hit new 2021 lows Thursday. A bearish theme follows last week's move lower and break of support at 146.84, Feb 26 low. On an intraday basis, prices bounced off 145.15 ahead of the close, which may act as a short-term support for now. Nonetheless, recent price action confirms a resumption of the downtrend that has been in place since Feb 12. Moving average studies are in a bear mode reinforcing the current bear cycle. On the upside, key short-term resistance is at 147.79, May 4 high.

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