SILVER TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $42.606 - 2.236 proj of the Jul 31 - Aug 14 - 20 price swing
- RES 3: $42.323 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $42.000 - Round number resistance
- RES 1: $41.671 - High Sep 8
- PRICE: $41.138 @ 08:06 BST Sep 10
- SUP 1: $39.678 - 20-day EMA
- SUP 2: $38.374 - 50-day EMA
- SUP 3: $36.216 - Low Jul 31 and a key support
- SUP 4: $35.285 - Low Jun 24
Trend signals in Silver remain bullish and the metal is trading closer to its recent highs. Resistance at $39.530, the Jul 23 high, has been cleared. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. Sights are on the $42.00 handle next. Initial support to watch is $39.678, the 20-day EMA.
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BTP TECHS: (U5) Resistance Remains Exposed
- RES 4: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
- RES 3: 122.00 Round number resistance
- RES 2: 121.73 High Jun 13 and the bull trigger
- RES 1: 121.70 High Aug 5
- PRICE: 121.10 @ 08:00 BST Aug 11
- SUP 1: 119.59 Low Jul 25 and key short-term support
- SUP 2: 119.48 Low May 26
- SUP 3: 118.87 Low May 21
- SUP 4: 118.51 Low May 14 and key support
The primary trend condition in BTP futures is unchanged, it remains bullish and weakness into the Friday close appears to have been corrective. A doji candle on Jul 25 highlights a potential bullish reversal. A continuation higher would open 121.73, the Jul 13 high and a bull trigger. Clearance of this latter level would confirm a resumption of the uptrend. Key short-term support has been defined at 119.59, the Jul 25 low.
GILT TECHS: (U5) Close Back Below 20-day EMA
- RES 4: 93.13 76.4% retracement of the Jul 1 - 18 bear leg
- RES 3: 93.08 1.0% 10-dma envelope
- RES 2: 93.00 Round number resistance
- RES 1: 92.84 High Aug 5
- PRICE: 91.96 @ Close Aug 8
- SUP 1: 91.87 Low Aug 8
- SUP 2: 91.44/08 Low Aug 1 / 18 and the bear trigger
- SUP 3: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 4: 90.59 Low May 29
Gilt futures traded higher again mid-week, but faltered into the Friday close, finishing below the 20-day EMA as a result. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Recent gains, however, saw prices breach resistance at 92.15, the Jul 22 high as well as 92.74, the 61.8% retracement of the Jul 1 - 18 bear leg. The 76.4% retracement is at 93.13.
EQUITIES: Positive Bias In Europe
Modest positive bias for European equity index futures this morning, with some pointing to reports flagging advances in U.S.-Russia discussions surrounding a Russia-Ukraine ceasefire (despite Ukraine’s clear objections to some of the touted suggestions):
- Euro Stoxx 50 futures: +0.31%
- Dax futures: +0.31%
- CAC 40 futures: +0.23%
- FTSE MIB futures: +0.22%
- FTSE 100 futures: +0.15%
- SMI futures: +0.64%
