Free Trial

(Z0) Tests Key Resistance

BTP TECHS
  • RES 4: 153.09 1.00 projection of Jun 10 - Aug 20 - Sep 9 swing (cont)
  • RES 3: 152.71 1.236 proj of Oct 22 - Nov 9 rally from Nov 11 low
  • RES 2: 152.00 Round number resistance
  • RES 1: 151.30 All Time High Nov 9 and 23
  • PRICE: 151.18 @ Close Nov 23
  • SUP 1: 150.26 20-day EMA
  • SUP 2: 149.64 Low Nov 12
  • SUP 3: 149.09 Low Nov 11 and key near-term support
  • SUP 4: 148.97 Low Nov 2

BTPS gains stalled at the 151.30 on Nov 9 and reversed lower before finding support at 149.09 on Nov 11. The Nov 9 - 11 sell-off is an early signal that a long overdue correction has started. In candle terms, the pattern on Nov 9 is a bearish engulfing reversal. It highlights scope for a test of key 148.37 support, Oct 22 low. On the upside and with the contract holding onto recent gains, a 151.30 break (tested yesterday) would instead resume the uptrend.

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.