November 22, 2024 07:13 GMT
BTP TECHS: (Z4) Gains Considered Corrective
BTP TECHS
- RES 4: 122.62 High Oct 1 and a key resistance
- RES 3: 122.41 High Oct 18 / 21
- RES 2: 151.50 76.4% retracement of the Oct 1 - Nov 7 bear leg
- RES 1: 120.89 High Nov 19
- PRICE: 120.37 @ Close Nov 21
- SUP 1: 119.12/117.88 Low Nov 13 / 7 and the bear trigger
- SUP 2: 117.70 61.8% retracement of the Jun 11 - Oct 1 bull cycle
- SUP 3: 117.34 Low Jul 26
- SUP 4: 116.54 76.4% retracement of the Jun 11 - Oct 1 bull cycle
BTP futures are trading closer to their recent highs. Despite the latest recovery, a bearish tone remains intact and gains are considered corrective. A resumption of the downtrend would refocus attention on 117.70, a Fibonacci retracement point. Initial support to watch is 119.12, the Nov 13 low. Clearance of this level would be seen as an early bearish signal. On the upside, a continuation higher would open 121.50, a Fibonacci retracement.
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