BTP TECHS: (H5) Structure Remains Bullish
- 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.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI: UK DEC CPI +0.3% M/M, +2.5% Y/Y
- MNI: UK DEC CPI +0.3% M/M, +2.5% Y/Y
EURJPY TECHS: Monitoring Support
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 THigh Dec 30 and a key short-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.19 High Jan 10
- PRICE: 161.89 @ 07:04 GMT Jan 15
- SUP 1: 160.04 Low Jan 13
- SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle
- SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
- SUP 4: 158.67 Low Dec 11
The recent move down in EURJPY appears corrective. The recovery from Monday’s low highlights a potential short-term reversal and the end of the corrective cycle. A continuation higher would open 164.90, the Dec 30 high. Clearance of 164.90 would confirm a resumption of the uptrend. On the downside, key short-term support has been defined at 160.04, the Jan 13 low. A breach of this level would be a bearish development.
MNI: UK PPI DEC INPUT -1.5% Y/Y, PPI OUTPUT 0.1% Y/Y
- MNI: UK PPI DEC INPUT -1.5% Y/Y, PPI OUTPUT 0.1% Y/Y
