Free Trial

(M3) Bearish Outlook

BTP TECHS
  • RES 4: 113.72 High Feb 20
  • RES 3: 113.43 High Feb 24 and a key short-term resistance
  • RES 2: 112.35 High Feb 28
  • RES 1: 111.96 High Mar 1
  • PRICE: 111.23 @ Close Mar 3
  • SUP 1: 110.25 Low Mar 2 and the bear trigger
  • SUP 2: 110.00 Round number support
  • SUP 3: 109.55 1.618 proj of the Feb 20 - 22 - 24 price swing
  • SUP 4: 109.20 1.764 proj of the Feb 20 - 22 - 24 price swing

BTP futures traded to a fresh short-term trend low of 110.25 on Mar 2. Fresh lows maintain the current bearish price sequence of lower lows and lower highs and this reinforces the current downtrend. The focus is on the 110.00 handle and 109.55, a Fibonacci projection. On the upside, initial resistance is seen at 111.96, the Mar 1 high. Short-term gains would be considered corrective.

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.