The BTP future contract is expected to test the all-time high, with the December contract currently within striking distance of the 109.50 high, UBS says. "While this...is creating an initial setback...we anticipate a successful upside break in due course," it notes. UBS's Richard Adcock targets the 162% Fibonacci extension of the March-to-July selloff at 111.60. "We suggest looking to use short-term weakness to 108.90 and/or on a close above 109.50 to get long again, targeting 111.55 with stops placed initially at 107.90." The December BTP contract is currently 0.03 higher at 109.29.
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