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(H1) Corrective Cycle Still In Play

  • RES 4: 154.640 2.00 proj of Jan 22 - Feb 1 rally from the Feb 2 low
  • RES 3: 154.00 Round number resistance
  • RES 2: 153.82 High Feb 12 and the bull trigger
  • RES 1: 152.89 High Dec 15
  • PRICE: 152.26 @ Close Feb 16
  • SUP 1: 151.63 Low Feb 16
  • SUP 2: 151.50 50-day EMA
  • SUP 3: 151.43 Low Jan 4
  • SUP 4: 150.70 Low Feb 2

BTP futures remain bullish but have entered a corrective cycle. Last week saw the contract register successive all-time highs reinforcing underlying bullish conditions. For now though a top has been defined at 153.82, Feb 12 high. Attention is on the 50-day EMA that intersects at 151.50 and this area marks a firm support level. A break would signal scope for a deeper pullback. Initial resistance is seen at 152.89, Feb 15 high.

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