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BTP TECHS: (Z4) Corrective Cycle

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletGlobalFixed Income BulletsRegionMarkets
  • RES 4: 123.40 3.500 proj  of the Jun 11 - 18 - Jul 1 price swing 
  • RES 3: 123.12 3.382 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 2: 122.78 3.236 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 1: 121.67/122.62 High Oct 3 / 1 and the bull trigger
  • PRICE: 120.85 @ Close Oct 4
  • SUP 1: 120.54/17 Low Oct 4 / Low Sep 19     
  • SUP 2: 119.32 Low Sep 9   
  • SUP 3: 118.85 Low Sep 4
  • SUP 4: 118.16 Low Sep 2 and key support

The medium-term trend condition in BTP futures is bullish and last Tuesday’s rally reinforces this theme. However, a short-term bearish threat exists for now, following the reversal from the Oct 1 high. This highlights a corrective cycle. The contract has pierced the 20-day EMA, at 120.86. A continuation lower would open 120.17, the Sep 19 low. On the upside, the bull trigger has been defined at 122.62, the Oct 1 high.

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  • RES 4: 123.40 3.500 proj  of the Jun 11 - 18 - Jul 1 price swing 
  • RES 3: 123.12 3.382 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 2: 122.78 3.236 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 1: 121.67/122.62 High Oct 3 / 1 and the bull trigger
  • PRICE: 120.85 @ Close Oct 4
  • SUP 1: 120.54/17 Low Oct 4 / Low Sep 19     
  • SUP 2: 119.32 Low Sep 9   
  • SUP 3: 118.85 Low Sep 4
  • SUP 4: 118.16 Low Sep 2 and key support

The medium-term trend condition in BTP futures is bullish and last Tuesday’s rally reinforces this theme. However, a short-term bearish threat exists for now, following the reversal from the Oct 1 high. This highlights a corrective cycle. The contract has pierced the 20-day EMA, at 120.86. A continuation lower would open 120.17, the Sep 19 low. On the upside, the bull trigger has been defined at 122.62, the Oct 1 high.