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: 121.32 @ 07:34 BST Aug 14
- 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 and remains bullish, in contrast with broader EGB and Treasury markets. While closed lower Tuesday, the underlying uptrend remains intact, while price holds between the 20- and 50-day EMAs. 120.89 and 121.20 hold as the intraday targets. A continuation higher would open 121.73, the Jul 13 high and bull trigger. Key short-term support has been defined at 119.59, the Jul 25 low.
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EQUITY TECHS: E-MINI S&P: (U5) Trend Needle Points North
- RES 4: 6402.44 1.382 proj of the May 23 - Jun 11 - 23 price swing
- RES 3: 6381.00 1.764 proj of the Apr 7 - 10 - 21 price swing
- RES 2: 6356.12 1.236 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6335.75 Intraday high
- PRICE: 6331.25 @ 07:23 BST Jul 15
- SUP 1: 6246.25 Low Jul 7
- SUP 2: 6211.67/6064.44 20- and 50-day EMA values
- SUP 3: 5811.50 Low May 23
- SUP 4: 5645.75 Low May 7
The trend condition in S&P E-Minis remains bullish and the contract is trading at its recent highs. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend that started Apr 7. This was followed by a break of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection. Key support is at the 50-day EMA, at 6064.44.
WTI TECHS: (Q5) Support Remains Exposed
- RES 4: $82.62 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $80.43 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $80.00 - Psychological round number
- RES 1: $71.20/78.40 - 50.0% of the Jun 23-24 range / High Jun 23
- PRICE: $66.65 @ 07:19 BST Jul 15
- SUP 1: $65.46/64.00 - 50-day EMA / Low Jun 24
- SUP 2: $58.87 - Low May 30
- SUP 3: $54.81 - Low May 5
- SUP 4: $54.13 - Low Apr 9 and a key support
WTI futures maintain a bearish tone following the reversal from the Jun 23 high, and recent gains still appear corrective. Support to watch is the 50-day EMA, at $65.46. The average has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high.
GOLD TECHS: Trend Structure Remains Bullish
- RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 3: $3500.1 - High Apr 22 and bull trigger
- RES 2: $3395.1/3451.3 - High Jun 23 / 16
- RES 1: $3375.0 - High Jul 14
- PRICE: $3360.6 @ 07:26 BST Jul 15
- SUP 1: $3282.8/3248.7 - Low Jul 9 / Low Jun 30 and the bear trigger
- SUP 2: $3204.7 - Low May 20
- SUP 3: $3121.0 - Low May 15 and key support
- SUP 4: $3085.0 - 76.4% retracement of the Apr 7 - 22 bull leg
A bull cycle in Gold that started Jun 30, remains intact and the yellow metal is holding on to its recent gains. Note that medium-term trend conditions are bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. An extension would expose $3395.1, the Jun 23 high, and $3451.3, the Jun 16 high. On the downside, the bear trigger is $3248.7, the Jun 30 low. First support to watch is 3282.8, the Jul 9 low.
