Italian bonds are reeling and subsequently pushing yields through the 2% level. The breakout below support means the end of an elaborate consolidation pattern and the start of a major new down trend. Focus is now on 95.21 followed by the major pivot-lows of 2017 at ~90.18.
Interestingly, IGBs look considerably worse than Spain.
- Primary trend: negative
- Outlook: new down trend, negative
- Strategy: hold-short and/or short-entry
- Support: 95.21* / 90.18-
- Resistance: 102.60 / 103.10
- Outlook cancelled/neutralized above 102.60
Weekly chart 10yr Italian Government Bonds