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(H2) Volatile Above Recent Lows

BTP TECHS
  • RES 4: 148.02 High Dec 29
  • RES 3: 147.33 50-day EMA
  • RES 2: 146.80 High Jan 14 and key short-term resistance
  • RES 1: 146.49 High Jan 24
  • PRICE: 145.87 @ Close Jan 28
  • 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 however the contract is trading in a volatile manner. Futures traded down to 144.54 last Thursday - a fresh trend low - before rebounding. The primary direction is down though following the recent breach of 145.12, Jan 10 low. This confirmed a resumption of the trend to maintain a price sequence of lower lows and lower highs, opening 144.08, a Fibonacci projection. Key resistance is at 146.80.

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