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VIEW: ING: The Message Is Clear - Stability

(M1) Resistance Remains Intact

BTP TECHS
  • 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 and key short-term resistance
  • RES 1: 149.88 High Apr 6
  • PRICE: 148.99 @ Close Apr 7
  • SUP 1: 148.57 Low Mar 30
  • SUP 2: 148.36 Low Mar 18 and key short-term support
  • 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

Recent price action in BTP futures have defined resistance at 150.39, Mar 11 high and support at 148.36, Mar 18 low as key short-term directional triggers. While 150.39 and a pivotal level at 150.69, 76.4% of the Feb 12 - 26 sell-off remain intact, 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. Clearance of 150.39 would instead be bullish.

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