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(H1) Approaching 153.00

  • RES 4: 154.00 Round number resistance
  • RES 3: 153.87 1.00 proj of the Oct - Jan rally from Jan 22 low
  • RES 2: 153.00 Round number resistance
  • RES 1: 152.98 High Feb 9
  • PRICE: 152.85 @ Close Feb 10
  • SUP 1: 151.77/43 20-day EMA / Low Jan 4
  • SUP 2: 150.70/43 Low Feb 2 / Low Jan 26
  • SUP 3: 149.57 Low Jan 22 and bear trigger
  • SUP 4: 149.09 Low Nov 11 (cont)

BTP futures remain bullish. The contract gapped higher Feb 3 and also traded above a trendline resistance drawn off the Jan 8 high. Bulls have since not looked back. Futures on Feb 5 breached the former trend high of 152.67, Jan 8 high. The trend has extended this week to a high yesterday of 152.98, confirming a resumption of the uptrend that opens 153.00 and 153.87. The latter is a Fibonacci projection. Firm support is 150.70, Feb 2 low.

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