BRENT TECHS: (N5) Trading Closer To Its Recent Highs

• A very light Overnight session for the German Bund and very little change, the 132.03 level is still the initial key resistance, followed by the 132.40 gap.
• It will be interesting to see how the price action develops going forward and if the 132.03 level holds, there's a potential for a rising wedge formation (bearish signal).
• To the downside, the support comes at 131.11. Although better is seen at 130.75.
• While today is slow start with no notable release, this Week is packed with Tier 1 Data, while tariffs news will continue to drive cross assets near term.
• SUPPLY: EU €2.5bn 2029 (equates to 19k Bobl), EU 2034, 2038 (equates combined 31.3k Bund) these could somewhat weigh into the bidding deadline.
• SPEAKERS: ECB Rehn, Guindos.

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 163.76/164.19 High Apr 25 / High Mar 18 and the bull trigger 
• PRICE: 163.29 @ 07:15 GMT Apr 28 
• SUP 1: 161.37/159.48 50-day EMA / Low Apr 9    
• SUP 2: 158.30 Low Apr 7 and key support 
• SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle 
• SUP 4: 155.60 Low Low Mar 4 

The recent pullback in EURJPY appears corrective and the trend condition remains bullish. Last week’s gains reinforce this theme. Key S/T support lies at 158.30, the Apr 7 low. A break of it is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. First support to watch is 161.37, the 50-day EMA. Attention is on 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.

• 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 Mar 14 - Apr 4 - 9 price swing    
• RES 2: 121.00 High Feb 7 (cont) and a key resistance  
• RES 1: 120.65 1.382 proj of the Mar 14 - Apr 4 - 9 price swing               
• PRICE: 120.09 @ Close Apr 25  
• SUP 1: 119.42/118.85 High Apr 22 / 20-day EMA       
• SUP 2: 117.28 Low Apr 10     
• SUP 3: 116.06 Low Apr 9  
• SUP 4: 115.75 Low Apr 14 and a bear trigger     

BTP futures have traded higher last week and the contract maintains a bullish tone. Last Thursday’s strong rally reinforces current bullish conditions. The move higher has resulted in the break of key resistance at 120.39, the Feb 28 high. Sights are on 120.65 next, a Fibonacci projection. Firm support to watch lies at 118.85, the 20-day EMA. The contract is overbought, a pullback would unwind this trend condition.