BTP TECHS: (M5) Monitoring Support
May-23 06:13
* RES 4: 121.93 76.4% of the Dec 5 '24 - Mar 14 bear leg (cont) * RES 3: 121.43 1.618 proj of the Ma...
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BRENT TECHS: (M5) Holding On To Its Recent Gains
Apr-23 06:13
- RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $75.47 - High Apr 2 and a bull trigger
- RES 1: $69.85 - 50-day EMA
- PRICE: $68.15 @ 07:02 BST Apr 23
- SUP 1: $62.00/58.40 - Low Apr 10 / 9 and the bear trigger
- SUP 2: $58.85 - 2.000 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $56.89 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $55.00 - Round number support
Brent futures are holding on to their recent gains and continue to trade above the Apr 9 low. For now, the latest bounce is considered corrective and this is allowing a recent oversold condition to unwind. The primary trend direction remains down and a resumption of weakness would open $56.89, a Fibonacci projection. On the upside, the next important resistance to monitor is at the 50-day EMA, at $69.85.
MNI: CORRECT: UK MAR CGNCR GBP21.05 BN
Apr-23 06:10
- CORRECT: UK MAR CGNCR GBP21.05 BN
UK DATA: CGNCR GBP7.9bln higher for FY24/25 - will lead into remit revision
Apr-23 06:05
- Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £21.1 billion in March 2025; this was £7.4 billion less than in March 2024, and brings the total for the FYE March 2025 to £180.5 billion, £7.9 billion more than forecast by the OBR.
- This is what feeds into the remit revision - so a slightly smaller remit revision is likely as this isn't quite as bad as expected (despite the accrual measures such as PSNBex coming in higher this month with an upward revision).
