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(H3) Bull Cycle Still In Play

BTP TECHS
  • RES 4: 117.12 High Dec 14
  • RES 3: 116.46 76.4% retracement of the Dec 7 - Dec 30 bear leg
  • RES 2: 116.00 Round number resistance
  • RES 1: 115.24 High Jan 11
  • PRICE: 114.90 @ Close Jan 11
  • SUP 1: 112.81 Low Jan 10
  • SUP 2: 111.59/110.77 Low Jan 6 / Low Jan 4
  • SUP 3: 109.29 Low Jan 3
  • SUP 4: 108.36 Low Dec 30 low and bear trigger

The current bull cycle in BTP futures remains intact and the contract traded higher Thursday. Price has recently cleared the 20-day EMA and yesterday’s rally resulted in a break of the 114.00 handle. This paves the way for a climb towards 116.00next. On the downside, initial firm support lies at 111.59, the Jan 6 low. Key support and the bear trigger has been defined at 108.36, the Dec 30 low.

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