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(H2) Focus Is On Resistance

BTP TECHS
  • RES 4: 152.71 1.00 proj of the Nov 1 - 22 - 24 price swing
  • RES 3: 151.45 0.764 proj of the Nov 1 - 22 - 24 price swing
  • RES 2: 151.00 Round number resistance
  • RES 1: 150.66 High Dec 6 and the bull trigger
  • PRICE: 150.02 @ Close Dec 21
  • SUP 1: 148.51/25 Low Dec 8 / 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 attention remains on resistance at 150.64, the Nov 22 high. A clear break of this hurdle (probed on Dec 6) would reinstate a bullish theme and open the 151.00 handle. On the downside, support lies at 148.51, the Dec 8 low. Clearance of this support would threaten the bullish theme and instead expose support at 148.25, the Dec 1 low and a firmer support at 147.36, Nov 24 low.

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