Free Trial

(M1) Downtrend Extends

  • 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: 146.26 @ Close May 11
  • SUP 1: 146.00 Round number support
  • SUP 2: 145.35 1.00 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 3: 144.96 Low Sep 9, 2020 (cont)
  • SUP 4: 144.16 1.236 proj of the Feb 12 - 26 - Mar 11 price swing

BTP futures remain weak and traded lower again yesterday. A bearish theme follows last week's move lower and break of support at 146.84, Feb 26 low. This confirms a resumption of the downtrend that has been in place since Feb 12 and opens 146.00 next ahead of 145.35, a Fibonacci projection. 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.

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.