Free Trial

(M3) Continues To Challenge Support At The 20-Day EMA

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 118.00 Round number resistance
  • RES 2: 117.17 High Mar 24 and the bull trigger
  • RES 1: 116.08 High Mar 30
  • PRICE: 115.35 @ Close Apr 3
  • SUP 1: 114.04 Low Mar 31
  • SUP 2: 113.71 50.0% retracement of the Mar 2 - 24 rally
  • SUP 3: 113.22 Low Mar 15
  • SUP 4: 112.89 61.8% retracement of the Mar 2 - 24 rally

BTP futures continue to trade below 117.17, the Mar 24 high and the contract traded lower last week. The short-term outlook is bullish and the recent pullback still appears corrective. However, price has traded through support at 114.74, the 20-day EMA. A clear breach of this average would signal scope for a continuation lower and open 113.71, a Fibonacci retracement. Initial resistance is at 116.08, the Mar 30 high.

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.