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TECHS: (U0) Comfortably Above Tuesday Low

BTPS
  • RES 4: 148.97 High Feb 13 (cont)
  • RES 3: 148.32 High Mar 4 (cont)
  • RES 2: 148.00 Round number resistance
  • RES 1: 147.69 High Jul 30
  • PRICE: 147.38 @ Close Aug 5
  • SUP 1: 146.37 Low Aug 3
  • SUP 2: 145.62 Low Jul 21
  • SUP 3: 145.59 20-day EMA
  • SUP 4: 144.92 Low Jul 20

Having spiked higher at the open, BTPs initially mimicked the price action seen in core European bonds, but stopped short of falling through the Tuesday low to keep the medium-term outlook positive. Last week's highs of 147.69 are well within reach with bulls looking to cement a break. MA and momentum studies remain bullish, which lends some support. Attention is on 148.32 next, high Mar 4 (cont). Initial firm support shifts lower to 146.37, Aug 3 low.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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