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(H1) Still Trading Below Recent Highs

BTP TECHS
  • RES 4: 152.01 138.2% retracement proj of the Nov 30 - Dec 1 sell-off
  • RES 3: 151.83 123.6% retracement proj of the Nov 30 - Dec 1 sell-off
  • RES 2: 151.54 High Nov 30 and the bull trigger
  • RES 1: 151.49 High Dec 4
  • PRICE: 151.07 @ Close Dec 4
  • SUP 1: 150.93 Low Dec 3
  • SUP 2: 150.31 Low Dec 1
  • SUP 3: 150.00 Round number support
  • SUP 4: 149.79 1.382 proj of Nov 30 - Dec 1 sell-off from Dec 4 high

BTPS resistance has been defined at 151.54, Nov 30 high. The pullback last week from this high, suggests the contract has entered a corrective phase. A move lower would expose support at 150.31, Dec 1 low and the near-term bear trigger. A breach of this support would signal scope for a deeper sell-off allowing a recent overbought condition to unwind. On the upside, gains move above 151.54 resumes the uptrend.

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