BTP TECHS: (U5) Monitoring Support
- (U5) Monitoring SupportRES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
- RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
- RES 2: 122.00 Round number resistance
- RES 1: 121.73 High Jun 13 and the bull trigger
- PRICE: 120.36 @ Close Jul 10
- SUP 1: 120.09 Low Jun 23
- 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 trend condition in BTP futures is unchanged, it remains bullish and the latest pullback appears corrective - for now. Gains in June reinforce a bull theme and maintain the price sequence of higher highs and higher lows. A resumption of the bull cycle would open the 122.00 handle next. Key support to watch is unchanged at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 120.09, the Jun 23 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
METALS: Platinum spikes to its highest level since May 2021.
- Platinum jumps as much as over 3%, this is its highest level since May 2021, some mentions tightening demand, following some report Monday of another potential supply deficit this Year.
- This combined with some report that Backed ETFs are at a 10 Months high.
- This is a really impressive move, Next immediate resistance is at $1279.35, the May 2021 high.
BOE: Saporta: PMRR Estimate GBP385-540bln
Initial highlights from BOE’s Saporta’s speech:
- “We cannot know ex-ante what that level will be and since we are not operating a supply-driven system, we do not need to rely on accurate estimates of demand to determine how much we supply. That said, it is useful to have such estimates, for planning purposes, including by asking banks what is their preferred minimum range of reserves (PMRR). The latest survey suggests that PMRR is £385-540bn, marginally higher than £385-530bn in Q3 2024”.
- The upper bound of this range is GBP10bln higher than the £385-530bln range provided by Mann last week.
WTI TECHS: (N5) Bulls Remain In The Driver’s Seat
- RES 4: $72.12 - High Feb 20
- RES 3: $71.10 - High Apr 2 and key resistance
- RES 2: $67.14 - 76.4% retracement of the Apr 2 - 9 bear leg
- RES 1: $65.82 - High Apr 4 2 and key resistance
- PRICE: $65.08 @ 07:21 BST Jun 11
- SUP 1: $59.74/54.33 - Low May 30 / Low April 9 and the bear trigger
- SUP 2: $53.30 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $52.14 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 4: $50.00 - Psychological round number
WTI futures have traded higher this week, extending the current bull cycle. The contract has cleared the 50-day EMA, signalling scope for an extension towards $67.14 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. MA studies are in a bear-mode position, highlighting a dominant M/T downtrend. Support to watch lies at $59.74, the May 30 low. A break would highlight a potential bearish reversal.
