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Free Access(U4) Bearish Outlook
- RES 4: 119.00 Round number resistance
- RES 3: 118.58 High May 16 and a key resistance
- RES 2: 117.62 High Jun 5 and key resistance
- RES 1: 116.27/117.09 20-day EMA / High Jun 21
- PRICE: 115.45 @ 07:08 Jul 1
- SUP 1: 115.12/114.35 Low Jun 28 / 11 and key support
- SUP 2: 114.02 1.236 proj of the May 16 - 29 - Jun 5 price swing
- SUP 3: 113.60 1.382 proj of the May 16 - 29 - Jun 5 price swing
- SUP 4: 112.77 61.8% of the Oct 19 - Dec 27 2023 rally (cont)
BTP futures traded lower last week. The bear reversal from the Jun 5 high, confirmed the end of the correction between May 29 - Jun 5. This resulted in a break of key support at 115.54, Apr 25 low, highlighting a resumption of the downtrend. Sights are on 114.35, the Jun 11 low. The contract did also rebound from the Jun 11 low. Key resistance is 117.62, Jun 5 high. A break would be bullish. Initial firm resistance is 117.09, the Jun 21 high.
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Why MNI
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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.