EU COMMUNICATIONS: COMMUNICATIONS: Vodafone Headlines
- “*VODAFONE GROUP VOD VODAFONE SELLS 18.0% STAKE IN INDUS TOWERS” -bbg
- “*Vodafone Group Has Raised EUR1.7B From Sale” -dj
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EUROPE: Whit Monday Set To Impact European Liquidity
Note that Norwegian and Swiss markets are closed today, owing to the observance of the Whit Monday holiday. While most other European markets are open, the holiday is set to thin out European liquidity, as some participants will take a long weekend.
BTP TECHS: (M4) Resistance Remains Intact For Now
- RES 4: 120.28 High Mar 14 and the bull rally
- RES 3: 119.55 High Mar 27
- RES 2: 119.10 High Apr 10 and a key near-term resistance
- RES 1: 119.00 High May 16
- PRICE: 118.03 @ Close May 17
- SUP 1: 116.94/115.76 Low May 14 / Low Apr 25 and the bear trigger
- SUP 2: 115.70 Low Dec 8 ‘23 (cont)
- SUP 3: 114.74 1.236 proj of the Dec 27 - Feb 22 - Mar 14 price swing
- SUP 4: 114.09 1.382 proj of the Dec 27 - Feb 22 - Mar 14 price swing
BTP futures rallied last Wednesday and in the process traded above resistance at 118.61, the May 6 high. This exposes a more important resistance at 119.10, Apr 10 high. Clearance of this level would strengthen a bullish theme and signal scope for a climb towards key resistance at 120.28, the Mar 14 high. On the downside, a break of initial support at 116.94, the May 15 low, would instead be a bearish development.
USDJPY TECHS: Watching Support At The 50-Day EMA
- RES 4: 160.17 High Apr 29 and the bull trigger
- RES 3: 157.99 High May 1
- RES 2: 157.00 61.8% retracement of the Apr 29 - May 3 sell-off
- RES 1: 156.74 High May 14
- PRICE: 155.65 @ 06:56 BST May 20
- SUP 1: 153.45 50-day EMA
- SUP 2: 152.49 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY continues to trade above last Thursday’s low. For bears, the 156.74, the May 14 high, continues to signal the end of the corrective recovery between May 3 - 14, and a possible resumption of a short-term bearish cycle. Attention is on 153.45, the 50-day EMA, and 152.49, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat. 156.74 is the resistance to watch.
