October 17, 2024 05:59 GMT
BTP TECHS: (Z4) Rally Exposes Key Resistance
BTP TECHS
- RES 4: 123.40 3.500 proj of the Jun 11 - 18 - Jul 1 price swing
- RES 3: 123.12 3.382 proj of the Jun 11 - 18 - Jul 1 price swing
- RES 2: 122.78 3.236 proj of the Jun 11 - 18 - Jul 1 price swing
- RES 1: 121.90/122.62 High Oct 16 / 1 and the bull trigger
- PRICE: 121.87 @ Close Oct 16
- SUP 1: 120.24/119.97 20-day EMA / Low Oct 11 and key support
- SUP 2: 119.58 38.2% retracement of the Jun 11 - Oct 1 bull cycle
- SUP 3: 118.64 50.0% retracement of the Jun 11 - Oct 1 bull cycle
- SUP 4: 117.34 Low Jul 26
The medium-term trend condition in BTP futures is bullish. This week’s rally marks an extension of the recent bounce from the Oct 11 low. It also signals the end of the latest corrective pullback. A continuation higher would expose key resistance at 122.62, the Oct 1 high, where a break would resume the uptrend. Key short-term support has been defined at 119.97, the Oct 11 low. Clearance of this level would resume the recent bear leg.
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