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(M1) Remains Vulnerable

  • RES 4: 151.05 1.50 proj of the Feb 26 - Mar 3 - Mar 5 price swing
  • RES 3: 150.69 76.4% retracement of the Feb 12 - 26 sell-off
  • RES 2: 150.39 High Mar 11
  • RES 1: 149.44 High Mar 31
  • PRICE: 149.31 @ Close Mar 31
  • SUP 1: 148.57 Low Mar 30
  • SUP 2: 148.36 Low Mar 18
  • SUP 3: 148.20 61.8% retracement of the Feb 26 - Mar 11 rally
  • SUP 4: 147.68 76.4% retracement of the Feb 26 - Mar 11 rally

BTP futures started the week on a softer note and the contract maintains a bearish tone. Resistance is at 150.39, Mar 11 high with a pivotal level at 150.69, 76.4% of the Feb 12 - 26 sell-off. While these levels hold, the short-term risk appears skewed to the downside. A breach of 148.36, Mar 18 low would reinforce a bearish argument and signal scope for a deeper pullback. On the upside, clearance of 150.39 would instead be bullish.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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