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(H1) Bearish Theme Extends

  • RES 4: 152.45 High Jan 11
  • RES 3: 152.14 High Jan 20
  • RES 2: 151.26 20-day EMA
  • RES 1: 150.47 Low Jan 12
  • PRICE: 149.76 @ Close Jan 22
  • SUP 1: 149.57 Low Jan 22
  • SUP 2: 149.09 Low Nov 11 (cont)
  • SUP 3: 148.82 50.0% retracement of the Sep - Jan rally (cont)
  • SUP 4: 148.68 Low Oct 29, 2020 (cont)

BTP futures traded sharply lower last week. The contract confirmed a top in the trend on Jan 8 at 152.67. The subsequent move lower saw the contract trade through both the 20- and 50-day EMAs, signalling scope for a test of support at 150.31, Dec 1 low. The Jan 21 sell-off saw the contract breach 150.47, Jan 12 low and 150.31. This confirms a resumption of the current correction lower and opens 149.09 next. Initial resistance is 150.47.

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