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(Z0) Corrective Cycle

BTP TECHS
  • RES 4: 153.09 1.000 of Jun 10 - Aug 20 swing from Sep 9 low (cont)
  • RES 3: 152.00 Round number resistance
  • RES 2: 151.30 All Time High Nov 9
  • RES 1: 150.36 Low Nov 5
  • PRICE: 149.42 @ Close Nov 10
  • SUP 1: 149.18 Low Nov 10
  • SUP 2: 148.97 Low Nov 2
  • SUP 3: 148.68 Low Oct 29
  • SUP 4: 148.37 Low Oct 22 and key support

BTPS stalled at Monday's all-time high of 151.30 and has reversed sharply lower this week. The sell-off is a possible early signal that a long overdue correction may have started. If correct, this has opened the key near-term support handle at 148.37, Oct 22 low. A break of this level would signal scope for a deeper pullback. On the upside, gains above Monday's high of 151.30 is required to confirm a resumption of strength.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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