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(M1) Heading South

BTP TECHS
  • RES 4: 147.96 50-day EMA
  • RES 3: 147.79 High May 4 and key near-term resistance
  • RES 2: 147.33 High May 7
  • RES 1: 146.84 Low Feb 26 and recent breakout level
  • PRICE: 145.38 @ Close May 14
  • 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: 143.71 2.0% 10-dma envelope

BTP futures remain in a clear downtrend following last week's extension lower that have registered fresh 2021 lows. The recent break of support at 146.84, Feb 26 low confirmed a resumption of the broader pullback that started Feb 12. Furthermore, moving average studies are in a bear mode reinforcing the current bear cycle. Attention is on the 145.00 handle and 144.16, a Fibonacci projection. Initial firm resistance is at 146.84.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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