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(H2) Remains Heavy

BTP TECHS
  • RES 4: 149.22 High Dec 22
  • RES 3: 148.02 High Dec 29
  • RES 2: 147.29 20-day EMA
  • RES 1: 146.11/147.00 High Jan 10 / High Jan 4
  • PRICE: 145.80 @ Close Jan 10
  • SUP 1: 145.12 Low Jan 10
  • SUP 2: 144.90 2.618 proj of the Dec 6 - 18 - 14 price swing
  • SUP 3: 144.59 2.764 proj of the Dec 6 - 18 - 14 price swing
  • SUP 4: 144.00 round number support

BTP futures traded lower last week and registered a fresh low print Monday before recovering. Despite the bounce, the downtrend is intact. Futures recently cleared support at 148.25, Dec 1 low as well as the 147.36 key support, Nov 24 low. The contract has also this week traded below key support at 145.29, the Nov 1 low. A clear break of this level would strengthen bearish conditions. Initial firm resistance is seen at 148.02, Dec 29 high.

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