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BTP TECHS: (H5) Short-Term Uptrend Remains Intact

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletMarketsFixed Income Bullets
  • RES 4: 123.34 High Dec 11       
  • RES 3: 122.85 High Dec 12  
  • RES 2: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg  
  • RES 1: 120.98 61.8% retracement of the Dec 11 - Jan 13 bear leg    
  • PRICE: 120.81 @ Close Feb 6 
  • SUP 1: 119.71 20-day EMA          
  • SUP 2: 118.65/117.16 Low Jan 24 / 13 and the bear trigger
  • SUP 3: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
  • SUP 4: 116.07 Low Jul 8 ‘24 (cont)    

A bullish cycle in BTP futures remains intact. The latest move higher has resulted in a breach of both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98, 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: 123.34 High Dec 11       
  • RES 3: 122.85 High Dec 12  
  • RES 2: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg  
  • RES 1: 120.98 61.8% retracement of the Dec 11 - Jan 13 bear leg    
  • PRICE: 120.81 @ Close Feb 6 
  • SUP 1: 119.71 20-day EMA          
  • SUP 2: 118.65/117.16 Low Jan 24 / 13 and the bear trigger
  • SUP 3: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
  • SUP 4: 116.07 Low Jul 8 ‘24 (cont)    

A bullish cycle in BTP futures remains intact. The latest move higher has resulted in a breach of both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98, 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.