Free Trial

(U2) Corrective Cycle

BTP TECHS
  • RES 4: 125.11 High Jun1
  • RES 3: 123.88 Low May 9 and a recent breakout level
  • RES 2: 121.41 20-day EMA
  • RES 1: 120.+97 High Jun 17
  • PRICE: 120.06 @ Close Jun 17
  • 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 is bearish and the latest recovery from recent lows is likely a correction. A bearish theme was reinforced early last week as price traded lower, confirming an extension of the downtrend. The move lower also maintains a bearish price sequence of lower lows and lower highs. A resumption of weakness would open 113.78, Jun 14 low and bear trigger. Initial firm resistance is at 121.41, 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.