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BTP TECHS: (H5) Structure Remains Bullish

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: 120.98/121.00 61.8% of Dec 11 - Jan 13 bear leg / High Feb 7    
  • PRICE: 120.42 @ Close Feb 13 
  • SUP 1: 119.65 Low Feb 12           
  • 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 and the latest pullback appears corrective - for now. Price has recently traded above both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98 (pierced) and 121.88, Fibonacci retracement points. 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 corrective bull cycle.

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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: 120.98/121.00 61.8% of Dec 11 - Jan 13 bear leg / High Feb 7    
  • PRICE: 120.42 @ Close Feb 13 
  • SUP 1: 119.65 Low Feb 12           
  • 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 and the latest pullback appears corrective - for now. Price has recently traded above both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98 (pierced) and 121.88, Fibonacci retracement points. 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 corrective bull cycle.