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(H1) Sharp Reversal

BTP TECHS
  • RES 4: 153.00 Round number resistance
  • RES 3: 152.67 Trend high print, Jan 8 and the bull trigger
  • RES 2: 151.70 High Jan 12
  • RES 1: 151.17 Low Dec 23
  • PRICE: 150.55 @ Close Jan 12
  • SUP 1: 150.47 Low Jan 12
  • SUP 2: 150.31 Low Dec 1 and a key support
  • SUP 3: 150.00 Round number support
  • SUP 4: 149.64 Low Nov 12 (cont)

BTP futures traded sharply lower yesterday confirming a top in the trend at 152.67, Jan 8 high. The move lower this week has seen the contract trade through both the 20- and 50-day EMAs, paving the way for a test of support at 150.31, Dec 1 low and an important chart point. Note, the move lower is viewed as a much needed correction allowing a recent overbought condition to unwind. Initial resistance is at 151.17, Dec 23 low.

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