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(H1) Corrective Cycle Extends

BTP TECHS
  • RES 4: 154.00 Round number resistance
  • RES 3: 153.82 High Feb 12 and the bull trigger
  • RES 2: 152.89 High Dec 15
  • RES 1: 152.06 20-day EMA
  • PRICE: 151.82 @ Close Feb 17
  • SUP 1: 151.51/43 50-day EMA / Low Jan 4 and Feb 17
  • SUP 2: 151.19 61.8% retracement of the Jan 22 - Feb 12 rally
  • SUP 3: 150.70 Low Feb 2
  • SUP 4: 150.57 76.4% retracement of the Jan 22 - Feb 12 rally

BTP futures remain bullish but have this week entered a corrective cycle. Last week saw the contract register successive all-time highs reinforcing bullish conditions. For now though a top has been defined at 153.82, Feb 12 high. Attention is on the 50-day EMA that was probed yesterday. The average intersects at 151.51, a clear break would signal scope for a deeper pullback. Initial resistance is seen at 152.09, the 20-day EMA.

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