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(H1) Corrective Cycle Still In Play

BTP TECHS
  • RES 4: 152.67 Trend high print, Jan 8 and the bull trigger
  • RES 3: 152.15 76.4% retracement of the Jan 8 - 12 sell-off
  • RES 2: 151.83 61.8% retracement of the Jan 8 - 12 sell-off
  • RES 1: 151.71 High Jan 13
  • PRICE: 151.07 @ Close Jan 18
  • SUP 1: 150.47 Low Jan 12 and a bear trigger
  • SUP 2: 150.31 Low Dec 1 and a key support
  • SUP 3: 150.00 Round number support
  • SUP 4: 149.64 Low Nov 12 (cont)

BTP futures on Jan 8 confirmed a top in the trend at 152.67, Jan 8 high. The subsequent move lower saw the contract trade through both the 20- and 50-day EMAs, paving the way for a test of support at 150.31, Dec 1 low and an important chart point. Note, current weakness is allowing a recent overbought condition to unwind. Initial resistance is at 151.71, Jan 13 high ahead of 151.83, a Fibonacci retracement.

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