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(H2) Approaching The Bull Trigger

BTP TECHS
  • RES 4: 151.45 0.764 proj of the Nov 1 - 22 - 24 price swing
  • RES 3: 151.00 Round number resistance
  • RES 2: 150.64 High Nov 22 and the bull trigger
  • RES 1: 150.36 High Dec 3
  • PRICE: 149.85 @ Close GMT Dec 3
  • SUP 1: 148.25 Low Dec 1
  • SUP 2: 147.36 Low Nov 24 and key support
  • SUP 3: 146.55 76.4% retracement of the Nov 1 - 22 rally
  • SUP 4: 145.29 Low Nov 1 and the bear trigger

BTP futures traded down to a low of 147.36 on Nov 24. This move resulted in a break of support at 148.70, Nov 12 low that undermines the recent bull theme. A deeper sell-off would open 146.55, a Fibonacci retracement level and potentially lower. However, the contract has also recovered from 147.36 and traded higher again Friday. Key short-term resistance and the bull trigger is at 150.64, Nov 229 high. A break would reinstate a bullish theme.

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