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BTP TECHS: (Z4) Support Remains Exposed

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: 121.39/122.62 High Oct 4 / 1 and the bull trigger
  • PRICE: 120.38 @ Close Oct 11
  • SUP 1: 119.97 Low Oct 11     
  • SUP 2: 119.58 38.2% retracement of the Jun 11 - Oct 1 bull cycle      
  • SUP 3: 118.64 50.0% retracement of the Jun 11 - Oct 1 bull cycle
  • SUP 4: 117.34 Low Jul 26

The medium-term trend condition in BTP futures is bullish. However, a short-term bearish threat exists for now, following the reversal from the Oct 1 high. This move down highlights a corrective cycle. The contract has breached the 20-day EMA and pierced support at 120.17, the Sep 19 low and a key support. A clear break of this support would expose 119.58, a Fibonacci retracement. The bull trigger is 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: 121.39/122.62 High Oct 4 / 1 and the bull trigger
  • PRICE: 120.38 @ Close Oct 11
  • SUP 1: 119.97 Low Oct 11     
  • SUP 2: 119.58 38.2% retracement of the Jun 11 - Oct 1 bull cycle      
  • SUP 3: 118.64 50.0% retracement of the Jun 11 - Oct 1 bull cycle
  • SUP 4: 117.34 Low Jul 26

The medium-term trend condition in BTP futures is bullish. However, a short-term bearish threat exists for now, following the reversal from the Oct 1 high. This move down highlights a corrective cycle. The contract has breached the 20-day EMA and pierced support at 120.17, the Sep 19 low and a key support. A clear break of this support would expose 119.58, a Fibonacci retracement. The bull trigger is 122.62, the Oct 1 high.