Free Trial

(M2) Key Support Remains Intact

BTP TECHS
  • RES 4: 135.23 High Apr 14
  • RES 3: 133.53 High Apr 28
  • RES 2: 132.67 50-day EMA
  • RES 1: 131.24 High May 12
  • PRICE: 129.09 @ Close May 26
  • SUP 1: 127.24/125.54 Low May 11 and 24 / Low May 9
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The primary trend condition in BTP futures remains bearish. A corrective (bullish) cycle has recently been established though and the contract did on May 12, manage to trade above a trendline resistance drawn from the Mar 1 high. Price has since pulled back however a resumption of strength would signal scope for a move towards 133.53, Apr 28 high. Key support is at 125.54, May 9 low. A break of this level would resume the downtrend.

To read the full story

Close

Why MNI

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.