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BTP TECHS: (Z4) Gains Considered Corrective

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletMarketsFixed Income Bullets
  • RES 4: 122.62 High Oct 1 and a key resistance   
  • RES 3: 122.41 High Oct 18 / 21 
  • RES 2: 151.50 76.4% retracement of the Oct 1 - Nov 7 bear leg   
  • RES 1: 120.89 High Nov 19  
  • PRICE: 120.37 @ Close Nov 21
  • SUP 1: 119.12/117.88 Low Nov 13 / 7 and the bear trigger     
  • SUP 2: 117.70 61.8% retracement of the Jun 11 - Oct 1 bull cycle   
  • SUP 3: 117.34 Low Jul 26
  • SUP 4: 116.54 76.4% retracement of the Jun 11 - Oct 1 bull cycle

BTP futures are trading closer to their recent highs. Despite the latest recovery, a bearish tone remains intact and gains are considered corrective. A resumption of the downtrend would refocus attention on 117.70, a Fibonacci retracement point. Initial support to watch is 119.12, the Nov 13 low. Clearance of this level would be seen as an early bearish signal. On the upside, a continuation higher would open 121.50, a Fibonacci retracement.

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  • RES 4: 122.62 High Oct 1 and a key resistance   
  • RES 3: 122.41 High Oct 18 / 21 
  • RES 2: 151.50 76.4% retracement of the Oct 1 - Nov 7 bear leg   
  • RES 1: 120.89 High Nov 19  
  • PRICE: 120.37 @ Close Nov 21
  • SUP 1: 119.12/117.88 Low Nov 13 / 7 and the bear trigger     
  • SUP 2: 117.70 61.8% retracement of the Jun 11 - Oct 1 bull cycle   
  • SUP 3: 117.34 Low Jul 26
  • SUP 4: 116.54 76.4% retracement of the Jun 11 - Oct 1 bull cycle

BTP futures are trading closer to their recent highs. Despite the latest recovery, a bearish tone remains intact and gains are considered corrective. A resumption of the downtrend would refocus attention on 117.70, a Fibonacci retracement point. Initial support to watch is 119.12, the Nov 13 low. Clearance of this level would be seen as an early bearish signal. On the upside, a continuation higher would open 121.50, a Fibonacci retracement.