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(H2) Trend Needle Still Points South

BTP TECHS
  • RES 4: 148.45 High Dec 23
  • RES 3: 148.02 High Dec 29
  • RES 2: 147.06/11 High Jan 1 / 50-day EMA
  • RES 1: 146.16 High Feb 1
  • PRICE: 145.11 @ Close Feb 1
  • SUP 1: 144.54 Low Jan 27 and the bear trigger
  • SUP 2: 144.08 3.00 proj of the Dec 6 - 18 - 14 price swing
  • SUP 3: 143.57 3.236 proj of the Dec 6 - 18 - 14 price swing
  • SUP 4: 143.26 3.382 proj of the Dec 6 - 18 - 14 price swing

Trend conditions in BTP futures remain bearish and recent activity has been volatile. Futures traded down to 144.54 on Jan 27, before rebounding. Monday also saw a strong reversal off the intraday high of 147.06. The primary direction remains down following the recent breach of 145.12, Jan 10 low. The trigger for a resumption of this trend is 144.54, the Jan 27 low. Key resistance is seen at 147.06/11, the Jan 1 high and 50-day EMA.

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