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BTP TECHS: (H5) Retracement Mode

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletMarketsFixed Income Bullets
  • RES 4: 123.83 1.764 proj of the Nov 7 - 15 - 18 price swing    
  • RES 3: 123.43 1.618 proj of the Nov 7 - 15 - 18 price swing
  • RES 2: 122.85/123.34 High Dec 12 / 11 and the bull trigger
  • RES 1: 121.28 20-day EMA   
  • PRICE: 120.16 @ Close Dec 23 
  • SUP 1: 120.10 Low Dec 19         
  • SUP 2: 119.67 61.8% retracement of the Nov 7 - Dec 11 bull cycle    
  • SUP 3: 119.11 Low Nov 18
  • SUP 4: 118.80 76.4% retracement of the Nov 7 - Dec 11 bull cycle    

A corrective cycle in BTP futures has resulted in a pullback from its recent highs and the Dec 19 gap lower highlights potential for a continuation near-term.  The contract has breached the 20-day EMA and sights are on 119.67, a Fibonacci retracement point. Key resistance and the bull trigger has been defined at 123.34, the Dec 11 high. Initial firm resistance is seen at 121.28, the 20-day EMA.

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  • RES 4: 123.83 1.764 proj of the Nov 7 - 15 - 18 price swing    
  • RES 3: 123.43 1.618 proj of the Nov 7 - 15 - 18 price swing
  • RES 2: 122.85/123.34 High Dec 12 / 11 and the bull trigger
  • RES 1: 121.28 20-day EMA   
  • PRICE: 120.16 @ Close Dec 23 
  • SUP 1: 120.10 Low Dec 19         
  • SUP 2: 119.67 61.8% retracement of the Nov 7 - Dec 11 bull cycle    
  • SUP 3: 119.11 Low Nov 18
  • SUP 4: 118.80 76.4% retracement of the Nov 7 - Dec 11 bull cycle    

A corrective cycle in BTP futures has resulted in a pullback from its recent highs and the Dec 19 gap lower highlights potential for a continuation near-term.  The contract has breached the 20-day EMA and sights are on 119.67, a Fibonacci retracement point. Key resistance and the bull trigger has been defined at 123.34, the Dec 11 high. Initial firm resistance is seen at 121.28, the 20-day EMA.