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BTP TECHS: (H5) Trend Needle Points North

BTP TECHS
Fixed Income Technical AnalysisCEEMEAEurozoneItalyBulletMarketsFixed Income Bullets
  • RES 4: 124.00 Round number resistance    
  • RES 3: 123.83 1.764 proj of the Nov 7 - 15 - 18 price swing
  • RES 2: 123.43 1.618 proj of the Nov 7 - 15 - 18 price swing 
  • RES 1: 123.32 High Dec 9  
  • PRICE: 122.86 @ Close Dec 10 
  • SUP 1: 122.34 Low Dec 4      
  • SUP 2: 121.58 20-day EMA    
  • SUP 3: 120.05 Low Nov 25  
  • SUP 4: 119.11 Low Nov 18  

BTP futures remain in a bull cycle and the contract is trading closer to its recent highs. The latest rally has resulted in a move through key resistance at 121.97, the Oct 1 high. The clear break of this level highlights an important bullish development and opens 123.43 next, a Fibonacci projection. The trend is overbought and a corrective pullback would allow this condition to unwind. Support to watch is 121.58, the 20-day EMA.

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  • RES 4: 124.00 Round number resistance    
  • RES 3: 123.83 1.764 proj of the Nov 7 - 15 - 18 price swing
  • RES 2: 123.43 1.618 proj of the Nov 7 - 15 - 18 price swing 
  • RES 1: 123.32 High Dec 9  
  • PRICE: 122.86 @ Close Dec 10 
  • SUP 1: 122.34 Low Dec 4      
  • SUP 2: 121.58 20-day EMA    
  • SUP 3: 120.05 Low Nov 25  
  • SUP 4: 119.11 Low Nov 18  

BTP futures remain in a bull cycle and the contract is trading closer to its recent highs. The latest rally has resulted in a move through key resistance at 121.97, the Oct 1 high. The clear break of this level highlights an important bullish development and opens 123.43 next, a Fibonacci projection. The trend is overbought and a corrective pullback would allow this condition to unwind. Support to watch is 121.58, the 20-day EMA.