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BTP TECHS: (H5) Corrective Bull Cycle Remains In Play

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletMarketsFixed Income Bullets
  • RES 4: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg     
  • RES 3: 120.98 61.8% retracement of the Dec 11 - Jan 13 bear leg   
  • RES 2: 120.25 50.0% retracement of the Dec 11 - Jan 13 bear leg   
  • RES 1: 120.06 Intraday high     
  • PRICE: 119.86 @ 07:06 GMT Feb 3 
  • SUP 1: 118.65/117.16 Low Jan 24 / 13 and the bear trigger          
  • SUP 2: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
  • SUP 3: 116.07 Low Jul 8 ‘24 (cont)
  • SUP 4: 115.45 Low Jul 3 ‘24 (cont)     

Recent gains in BTP futures continue to highlight a corrective phase. The latest move higher has resulted in a breach of both the 20- and 50- day EMAs. This signals scope for an extension and sights are on 120.25, a Fibonacci retracement. On the downside, initial key support to watch lies at 118.65, the Jan 24 low. Clearance of this price point would highlight a reversal and the end of the correction.

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  • RES 4: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg     
  • RES 3: 120.98 61.8% retracement of the Dec 11 - Jan 13 bear leg   
  • RES 2: 120.25 50.0% retracement of the Dec 11 - Jan 13 bear leg   
  • RES 1: 120.06 Intraday high     
  • PRICE: 119.86 @ 07:06 GMT Feb 3 
  • SUP 1: 118.65/117.16 Low Jan 24 / 13 and the bear trigger          
  • SUP 2: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
  • SUP 3: 116.07 Low Jul 8 ‘24 (cont)
  • SUP 4: 115.45 Low Jul 3 ‘24 (cont)     

Recent gains in BTP futures continue to highlight a corrective phase. The latest move higher has resulted in a breach of both the 20- and 50- day EMAs. This signals scope for an extension and sights are on 120.25, a Fibonacci retracement. On the downside, initial key support to watch lies at 118.65, the Jan 24 low. Clearance of this price point would highlight a reversal and the end of the correction.