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(H1) Corrective Phase

BTP TECHS
  • RES 4: 153.09 1.00 proj of Jun 10 - Aug 20 rally from Sep 9 (cont)
  • RES 3: 153.00 Round number resistance
  • RES 2: 152.77 138.2% retracement proj of the Nov 30 - Dec 1 sell-off
  • RES 1: 152.50 Trend high print, Dec 17
  • PRICE: 151.60 @ Close Dec 21
  • SUP 1: 151.47 Low Dec 18
  • SUP 2: 151.38 Low Dec 10 and key near-term support
  • SUP 3: 150.93 Low Dec 3
  • SUP 4: 150.31 Low Dec 1 and key support

BTP futures are bullish but appear to have entered a corrective phase following the recent pullback from last week's trend high of 152.50. Continued short-term bearish pressure would open 151.38, Dec 10 low and 150.93, Dec 3 low. From a trend perspective, the recent break of 151.54, Nov 30 high confirmed a resumption of the uptrend. Underlying trend conditions remain positive. A break of 152.50 would resume the uptrend.

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