Free Trial

(U3) Recent Gains Expose Resistance

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.48/60 High Jul 19 / Jun 26 and key resistance
  • RES 2: 116.86 High Jul 24
  • RES 1: 116.12 High Aug 24
  • PRICE: 115.44 @ Close Aug 29
  • SUP 1: 114.11/112.95 Low Aug 23 / Low Jul 11 and the bear trigger
  • SUP 2: 112.48 Low May 29
  • SUP 3: 111.78 Low May 26 and a key support
  • SUP 4: 111.05 1.382 proj of the Jun 26 - Jul 11 - Jul 19 price swing

A strong rally in BTP futures last week resulted in a move above the 20- and 50-day EMAs. This highlights a stronger short-term bull cycle. Last week’s gains also resulted in a print above 116.02, the Aug 9 high. A clear break of this level would signal scope for an extension higher. The Aug 23 low of 114.11 marks the first key short-term support. A reversal and break of this level would be a bearish development and expose 112.95, the Jul 11 low.

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.