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(H1) Sideways Correction

  • 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: 151.99 @ Close Jan 7
  • SUP 1: 151.17 Low Dec 23
  • SUP 2: 151.01 Low Dec 8
  • SUP 3: 150.95 50-day EMA (cont)
  • SUP 4: 150.31 Low Dec 1 and key support

BTP futures bounced off the day low Wednesday. The contract in mid-Dec entered a corrective phase following the pullback from the 152.50 trend high print on Dec 17. With this corrective phase - sideways for now - still in play, fresh short-term bearish pressure would open 150.93, Dec 3 low. From a trend perspective, last month's 151.54 break, Nov 30 high, confirmed a resumption of the uptrend. A 152.50 breach would resume the uptrend.

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