NATGAS: Turkey May Begin Supplying Syria With Gas This Summer

• Guidance: 4.25% Jul-34 gilt + 5.5/6.0bps
• Size: GBP benchmark (MNI expects GBP8.5-10.0bln)
• Maturity: 7 March 2035
• ISIN: GB00BT7J0027
• Settlement: 12 February, 2025 (T+1)
• Bookrunners: Barclays, BNP Paribas, Citi, Goldman Sachs International Bank, HSBC and NatWest.
• Timing: Books open, pricing later today

From market source

• RES 4: 162.70 High Jan 28 
• RES 3: 161.40 50-day EMA   
• RES 2: 160.50 20-day EMA
• RES 1: 157.97/158.86 Low Feb 3 / High Feb 6
• PRICE: 156.52 @ 08:27 GMT Feb 11  
• SUP 1: 155.61 Low Feb 10 
• SUP 2: 155.19/15 3.0% 10-dma envelope / Low Sep 16 ‘24
• SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
• SUP 4: 153.87 Low Dec 14 ‘23  

A bear cycle in EURJPY remains present and last week’s move down reinforces current conditions. The cross cleared 158.24, 76.4% of the Dec 3 - 30 bull cycle, and pierced 156.18, the Dec 3 low and key support. A continuation lower would open 155.15, the Sep 16 ‘24 low. Initial firm resistance to watch, and a pivot level, is 161.40, the 50-day EMA. The short-term trend is oversold, gains would allow this condition to unwind. 

• RES 4: 5455.00 2.00 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 3: 5434.10 2.236 proj of the Dec 20 - Jan 8 - Jan 13 price swing     
• RES 2: 5381.13 1.764 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 1: 5380.00 High Feb 11             
• PRICE: 5377.00 @ 08:14 GMT Feb 11   
• SUP 1: 5211.11 20-day EMA            
• SUP 2: 5094.95 50-day EMA
• SUP 3: 4991.00 Low Jan 15  
• SUP 4: 4931.00 Low Jan 13 and a key short-term support  

Eurostoxx 50 futures are holding on to their recent gains and a bull cycle remains in play. Last week’s gains marked  a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5211.11, the 20-day EMA. The 50-day EMA is at 5094.95.