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(H3) Bounces Off Lows

BTP TECHS
  • RES 4: 116.43 High Dec 15
  • RES 3: 113.23/115.01 High Dec 16 / Low Nov 28
  • RES 2: 112.46 High Jan 4
  • RES 1: 112.08 20-day EMA
  • PRICE: 112.00 @ 08:52 GMT Jan 4
  • SUP 1: 108.36 Low Dec 30 low and bear trigger
  • SUP 2: 108.13 Low Sep 28 (cont) and a key support
  • SUP 3: 107.71 3.50 proj of the Dec 7 - 13 price swing
  • SUP 4: 106.94 3.764 proj of the Dec 7 - 13 price swing

BTP futures have bounced, and a trading stronger on the year. Nonetheless, prices remain soft over the medium-term following bearish price action across December. Attention is on 108.13, the Sep 28 low (cont) and a key support. Moving average studies are in a bear mode position, reinforcing the current trend direction. On the upside, initial firm resistance has been breached - but bulls look for a close above 112.08, the 20-day EMA.

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