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BTP TECHS: (Z2) Trading Closer To Its Recent Lows

BTP TECHS
  • RES 4: 120.00 Round number resistance
  • RES 3: 119.06 High Sep 8 and a key resistance
  • RES 2: 116.54/117.93 High Nov 1 / High Oct 27 and the bull trigger
  • RES 1: 114.73 20-day EMA
  • PRICE: 114.14 @ Close Nov 8
  • SUP 1: 112.45 Low Nov 8
  • SUP 2: 112.07/110.14 Low Oct 25 / 14
  • SUP 3: 108.82 Low Oct 21
  • SUP 4: 108.13 Low Sep 28 and key support

BTP futures managed to find support yesterday, however, the contract continues to trade closer to its recent lows. A resumption of weakness would further undermine a recent bull theme and this would expose the next support at 112.07, the Oct 25 low. Key support lies at 108.82, Oct 21 low and 108.13, the Sep 28 trend low. On the upside, the contract needs to clear resistance at 117.93, high Oct 27, to resume recent bullish activity.

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