HYBRIDS: Snam (SRGIM Perps: Ba1/BBB/BBB-): Hybrids BBB

• RES 4: 164.55 High Jan 7         
• RES 3: 164.08 High Jan 24 and a key resistance     
• RES 2: 162.70 High Jan 28 
• RES 1: 162.36 High Mar 12
• PRICE: 162.10 @ 07:09 GMT Mar 17 
• SUP 1: 159.50 20-day EMA  
• SUP 2: 158.74 Low May 5 
• SUP 3: 155.60 Low Mar 4 
• SUP 4: 154.80 Low Feb 28 and a bear trigger

A bull cycle in EURJPY remains in play and the cross is trading just ahead of last week’s cycle high. Price has recently breached a resistance at 161.19, the Feb 13 high. A clear break of the hurdle strengthens a bullish condition and opens 162.70 next, the Jan 28 high. On the downside, initial support to watch is 159.50 the 20-day EMA. Key support has been defined at 154.80, the Feb 28 low.

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 151.45 50-day EMA 
• RES 2: 150.18/151.30 High Mar 5 / 3 and a key near-term resistance  
• RES 1: 149.46 20-day EMA  
• PRICE: 148.97 @ 07:01 GMT Mar 17 
• SUP 1: 146.54 Low Mar 11 and the bear trigger   
• SUP 2: 145.43 2.0% 10-dma envelope
• SUP 3: 145.00 Round number support 
• SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg 

The trend direction in USDJPY remains down and the latest recovery appears corrective. A fresh cycle low on Mar 11 strengthens a bearish theme. The move down resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. This opens 145.92 next, the Oct 4 2024 low. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key short-term resistance is unchanged at 151.30, Mar 3 high. 

• RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
• RES 2: 5600.00 Round number resistance   
• RES 1: 5409.47/5575.00 20-day EMA / High Mar 3 and the bull trigger             
• PRICE: 5397.00 @ 06:42 GMT Mar 17 
• SUP 1: 5284.00 Low Mar 11                
• SUP 2: 5249.00 Low Feb 5
• SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg     
• SUP 4: 5185.00 Low Feb 4     

The medium-term trend direction in the Eurostoxx 50 futures contract remains up and the recent pullback is considered corrective - for now. However, note that support at the 50-day EMA, at 5314.94, has been pierced. A clear break of this average would highlight a stronger short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, a Fibonacci retracement. A  resumption of gains would open the 5600.00 handle.