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(H1) Corrective Pullback

  • RES 4: 156.20 1.236 proj of Oct - Jan rally from Jan 22 low (cont)
  • RES 3: 154.640 2.00 proj of Jan 22 - Feb 1 rally from the Feb 2 low
  • RES 2: 154.00 Round number resistance
  • RES 1: 153.82 High Feb 12
  • PRICE: 152.60 @ Close Feb 15
  • SUP 1: 152.53 Low Feb 9
  • SUP 2: 152.03 20-day EMA
  • SUP 3: 151.43 Low Jan 4
  • SUP 4: 150.70 Low Feb 2

BTP futures remain bullish. Last week saw the contract register successive all-time highs reinforcing underlying bullish conditions and despite the pullback from Friday's high, further gains are seen likely near-term. Moving average studies remain in a bull mode and this reinforces underlying conditions. The focus is on 154.00. On the downside, initial firm support is seen at 152.03, the 20-day EMA.

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