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(H2) Reversal Lower Exposes Support

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: 148.64 @ Close Dec 8
  • 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 reversed course yesterday and sold off sharply. The move lower exposes support at 148.25, the Dec 1 low where a break would highlight potential for a test of a firmer support handle at 147.36, the Nov 24 low. Gains earlier this week resulted in a test of resistance at 159.64, Nov 22 high. A Clear break is required to reinstate a bullish theme. This would open the 151.00 handle.

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