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(M1) Downtrend Extends Further

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: 145.87 @ Close May 12
  • SUP 1: 145.83 Low May 12
  • 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 Wednesday. 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, with the theme strengthening on the move below 146.00. 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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