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(H2) Trend Needle Points South

BTP TECHS
  • RES 4: 149.22 High Dec 22
  • RES 3: 148.02 High Dec 29
  • RES 2: 147.39 High Jan 3
  • RES 1: 146.76/80/90 20-day EMA / High Jan 14
  • PRICE: 145.45 @ Close Jan 18
  • SUP 1: 145.29/12 Low Nov 1 / Low Jan 10 and the bear trigger
  • 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

The recent bounce in BTP futures appears to be a correction. A bearish trend remains intact with further weakness likely near-term. Futures recently cleared support at 148.25, Dec 1 low and the 147.36 former key support, Nov 24 low. Last week, the contract also traded below key support at 145.29, Nov 1 low. A clear break of this level would strengthen bearish conditions and confirm a resumption of the downtrend. Firm resistance is seen at 146.80.

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