Free Trial

(U2) Bearish Focus

BTP TECHS
  • RES 4: 123.88 Low May 9 and a recent breakout level
  • RES 3: 121.90 20-day EMA
  • RES 2: 119.99 High Jun 10
  • RES 1: 118.68 High Jun13
  • PRICE: 117.81 @ Close Jun 15
  • SUP 1: 113.78 Low Jun 14
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish and the recovery from recent lows is likely a correction. A bearish theme was reinforced Tuesday as price traded lower, confirming an extension of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 113.22 next, a Fibonacci projection. Initial firm resistance is at 121.90, the 20-day EMA.

BTP TECHS: (U2) Bearish Focus

  • RES 4: 123.88 Low May 9 and a recent breakout level
  • RES 3: 121.90 20-day EMA
  • RES 2: 119.99 High Jun 10
  • RES 1: 118.68 High Jun13
  • PRICE: 117.81 @ Close Jun 15
  • SUP 1: 113.78 Low Jun 14
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish and the recovery from recent lows is likely a correction. A bearish theme was reinforced Tuesday as price traded lower, confirming an extension of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 113.22 next, a Fibonacci projection. Initial firm resistance is at 121.90, the 20-day EMA.

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.