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(H1) Fresh Trend High

BTP TECHS
  • RES 4: 154.00 Round number resistance
  • RES 3: 153.87 1.00 proj of the Oct - Jan rally from Jan 22 low
  • RES 2: 153.00 Round number resistance
  • RES 1: 152.76 High Feb 5
  • PRICE: 152.41 @ Close Feb 5
  • 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. The contract gapped higher Feb 3 and also traded above a trendline resistance drawn off the Jan 8 high. Futures extended gains and Friday saw price trade above the former trend high of 152.67, Jan 8 high to register a high print of 152.76. This confirms a resumption of the underlying uptrend and opens 153.00 next. On the downside, firm support has been defined at 150.70, Feb 2 low.

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