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(H1) Trendline Resistance Remains Intact

  • RES 4: 152.45 High Jan 11
  • RES 3: 152.14 High Jan 20
  • RES 2: 151.68 Trendline resistance drawn off the Jan 8 high
  • RES 1: 151.53 High Jan 28
  • PRICE: 151.15 @ Close Jan 28
  • SUP 1: 150.43 Low Jan 26
  • SUP 2: 149.57 Low Jan 22 and bear trigger
  • SUP 3: 149.09 Low Nov 11 (cont)
  • SUP 4: 148.82 50.0% retracement of the Sep - Jan rally (cont)

BTP futures outlook remains bearish despite a recovery this week from 149.57, Jan 22 low. The contract confirmed a top in the trend on Jan 8 at 152.67. The subsequent move lower has also confirmed a bearish price sequence of lower lows and lower highs. The recent move through 150.00 signals scope for weakness towards 149.09, Nov 11 low (cont). Firm resistance is seen 151.68, a trendline resistance.

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