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(H3) Bear Cycle Still In Play

BTP TECHS
  • RES 4: 120.00 Psychological round number
  • RES 3: 118.57/96 High Jan 25 / Dec 7 and a key resistance zone
  • RES 2: 116.94 High Jan 25 and a key near-term resistance
  • RES 1: 115.10 High Jan 27
  • PRICE: 113.91 @ Close Jan 30
  • SUP 1: 113.46 50.0% retracement of the Dec 30 - Jan 19 rally
  • SUP 2: 112.26 61.8% retracement of the Dec 30 - Jan 19 rally
  • SUP 3: 111.59 Low Jan 6
  • SUP 4: 110.77 Low Jan 4 and 76.4% of the Dec 30 - Jan 19 rally

A bull cycle in BTP futures remains intact, however, a short-term bearish phase remains in play and the contract traded lower again on Monday. This has resulted in a break of support at 114.46, the Jan 16 low. The breach threatens the bull theme and signals scope for a deeper pullback. Attention is on 113.46 and 112.26, Fibonacci retracement points. Firm resistance has been defined at 116.94, the Jan 25 high.

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