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(H1) Eyeing Key Resistance

BTP TECHS
  • RES 4: 153.87 1.00 proj of the Oct - Jan rally from Jan 22 low
  • RES 3: 153.00 Round number resistance
  • RES 2: 152.67 High Jan 8 and key resistance
  • RES 1: 152.42 High Feb 4
  • PRICE: 152.23 @ Close Feb 4
  • SUP 1: 151.43 Low Jan 4
  • SUP 2: 150.70/43 Low Feb 2 / Low Jan 26
  • SUP 3: 149.57 Low Jan 22 and bear trigger
  • SUP 4: 149.09 Low Nov 11 (cont)

BTP futures remain bullish. Tuesday saw the contract gap higher. Importantly, the contract also traded above a trendline resistance drawn off the Jan 8 high. The break higher alters the recent picture that had appeared bearish and instead, this week's gains signal scope for a stronger short-term recovery. Attention is on key resistance at 152.67, Jan 8 high. Firm support is at 150.70, Feb 2 low. A break of this level would reinstate a bearish threat.

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