EU COMMUNICATIONS: COMMUNICATIONS: Virgin Media Headlines
“*VIRGIN MEDIA O2 TO SELL STAKE IN MOBILE TOWERS BUSINESS: FT
*VIRGIN MEDIA O2 TO SELL ~8% STAKE IN CORNERSTONE TELECO JV: FT” –BBG
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BTP TECHS: (U4) Fresh Cycle High
- RES 4: 121.25 2.382 proj of the Jun 11 - 21 - Jul 2 price swing
- RES 3: 120.85 2.236 proj of the Jun 11 - 21 - Jul 2 price swing
- RES 2: 120.20 2.00 proj of the Jun 11 - 21 - Jul 2 price swing
- RES 1: 120.00 Psychological round number
- PRICE: 119.74 @ Close Aug 13
- SUP 1: 118.42/117.74 20- and 50-day EMA values
- SUP 2: 116.07 Low Jul 8
- SUP 3: 114.72 Low Jul 2
- SUP 4: 114.35 Low Jun 11 and key support
The medium-term trend in BTP futures remains bullish and yesterday’s rally reinforces this theme. The contract breached immediate resistance at 119.57, the Aug 2 high, confirming a resumption of the bull cycle and maintaining the price sequence of higher highs and higher lows.The break opens the 120.00 handle next. The contract remains above initial firm support at 118.55 the 20-day EMA. The 50-day EMA lies at 117.82 A clear breach of both EMAs would instead highlight a bearish threat and a potential reversal.
UK DATA: Hotel prices rebound lower
- Accomodation services a big downside here - contributing -0.18ppt to the change in Y/Y headline CPI (will be almost double that for services CPI).
- That's more than reversing last month's big increase in hotel prices.
EURJPY TECHS: Corrective Cycle Remains In Play
- RES 4: 166.69 50-day EMA
- RES 3: 163.74 20-day EMA
- RES 2: 162.89 High Aug 1
- RES 1: 161.95 High Aug 12
- PRICE: 161.56 @ 07:07 BST Aug 14
- SUP 1: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
- SUP 2: 153.87 Low Dec 14 ‘23
- SUP 3: 153.23 Low Dec 7 ‘23 and a key support
- SUP 4: 151.42 Low Jul 28 ‘23
The trend outlook in EURJPY is bearish and the recent impulsive sell-off reinforced this theme. The move down signals scope for an extension towards the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross is oversold. A continuation of the latest recovery - a correction - would allow this set-up to unwind. Initial firm resistance is 163.74, the 20-day EMA.
