Free Trial

(U3) Bearish Theme Remains Intact

  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.60 High Jun 26 and the bull trigger
  • RES 2: 116.86/117.48 High Jul 24 / 19
  • RES 1: 116.02 High Aug 9
  • PRICE: 114.38 @ Close Aug 14
  • SUP 1: 113.81 Low Aug 4
  • SUP 2: 112.95 Low Jul 11 and the bear trigger
  • SUP 3: 112.48 Low May 29
  • SUP 4: 111.78 Low May 26 and a key support

A bearish condition in BTP futures remains intact following the reversal that started Jul 19. The latest pullback reinforces this theme and cancels a recent short-term bullish threat. Key near-term support lies at 113.81, the Aug 4 low. Clearance of this level would strengthen the bearish theme and expose 112.95, the Jul 11 low. Key resistance to watch is 116.02, the Aug 9 high. A break of this level would represent a bullish development.

To read the full story



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.