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(H1) Stalls At Yesterday's High

BTP TECHS
  • RES 4: 153.00 Round number resistance
  • RES 3: 152.67 Trend high print, Jan 8 and the bull trigger
  • RES 2: 152.45 High Jan 11
  • RES 1: 152.14 High Jan 20
  • PRICE: 151.35 @ Close Jan 20
  • SUP 1: 150.77 Low Jan 18
  • SUP 2: 150.47 Low Jan 12 and a bear trigger
  • SUP 3: 150.31 Low Dec 1 and a key support
  • SUP 4: 149.64 Low Nov 12 (cont)

BTP futures traded lower yesterday with initial resistance defined at 152.14. The contract confirmed a top in the trend on Jan 8 at 152.67. The subsequent move lower saw the contract trade through both the 20- and 50-day EMAs, signalling scope for a test of support at 150.31, Dec 1 low and an important chart point. Note, short-term weakness allows a recent overbought condition to unwind. Key resistance remains 152.67.

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