Free Trial

(U3) Trend Needle Points South

BTP TECHS
  • 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: 115.40/116.14 20-day EMA / High Aug 2
  • PRICE: 114.54 @ Close Aug 7
  • SUP 1: 114.02/113.81 76.4% of the Jul 11 - 19 rally / 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 focus is on 114.02, a Fibonacci retracement point. This level was pierced Friday and a clear break of it would expose 112.95, the Jul 11 low and a key support. Initial firm resistance has been defined at 116.14, the Aug 1 high. A breach of this hurdle is required to signal a potential bullish reversal.

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.