November 18, 2024 07:13 GMT
BTP TECHS: (Z4) Resistance At The 50-Day EMA Has Been Pierced
BTP TECHS
- RES 4: 122.62 High Oct 1 and a key resistance
- RES 3: 121.50 76.4% retracement of the Oct 1 - Nov 7 bear leg
- RES 2: 120.81 61.8% retracement of the Oct 1 - Nov 7 bear leg
- RES 1: 120.69 High Nov 15
- PRICE: 120.47 @ Close Nov 15
- 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 traded higher last week. Despite the latest bounce, the contract maintains a bearish tone. 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. 120.25, the 50-day EMA, has been pierced, a clear break of the average would cancel the bearish threat. This would open 121.50, a Fibonacci retracement point.
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