BTP TECHS: (U5) Support Intact
- 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: 121.13 High Aug 15
- PRICE: 120.57 @ Close Aug 28
- 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 the direction remains up. For now, the contract continues to trade inside a range and the Aug 15 sell-off signals scope for a move towards the lower end of the range. Key support to watch lies at 119.59, the Jul 25 low. A clear break of this level would highlight a range breakout and a bearish threat. Key resistance is unchanged at 121.73, the Jun 13 high.
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GILT TECHS: (U5) Trading Above Support
- RES 4: 93.00 Round number resistance
- RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg
- RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg
- RES 1: 91.82/92.15 20-day EMA / High Jul 22
- PRICE: 91.73 @ Close Jul 29
- SUP 1: 91.08 Low Jul 18 and the bear trigger
- SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 90.59 Low May 29
- SUP 4: 90.46 Low May 23
Gilt futures continue to trade below their recent highs. A rally on Jul 22 resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42, the 50.0% retracement of the Jul 1 - 18 bear leg. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.
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MNI: MNI CHINA MONEY MKT INDEX JULY LQDTY OUTLOOK 46.8 VS JUNE 47.8
- MNI CHINA MONEY MKT INDEX JULY LQDTY OUTLOOK 46.8 VS JUNE 47.8
- MNI CHINA MMI CURRENT LQDTY CONDITIONS JULY 25.5 VS JUNE 23.9
- MNI CHINA MMI ECONOMIC CONDITIONS JULY 54.3 VS JUNE 57.6
