Free Trial

(Z2) Bearish Outlook And Gains Are Considered Corrective

BTP TECHS
  • RES 4: 118.51 High Sep 13
  • RES 3: 117.05 High Sep 22
  • RES 2: 114.85 20-day EMA
  • RES 1: 113.46/114.67 High Sep 26 / Low Sep 20
  • PRICE: 111.98 @ Close Sep 30
  • SUP 1: 107.99 2.236 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 2: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 3: 107.00 round number support
  • SUP 4: 106.68 2.618 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures trend conditions remain bearish and short-term gains are considered corrective. Fresh trend lows last week confirmed a resumption of the bear cycle. Moving averages are in a bear mode condition, highlighting the current market sentiment. A resumption of weakness would open 107.27, a Fibonacci projection. On the upside, initial firm resistance is seen at 114.85, the 20-day EMA.

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.