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(H3) Bull Cycle Still In Play Despite Latest Pullback

BTP TECHS
  • RES 4: 121.35 1.382 proj of the Oct 21 - 27 - Nov 8 price swing
  • RES 3: 120.09 1.236 proj of the Oct 21 - 27 - Nov 8 price swing
  • RES 2: 119.00 Round number resistance
  • RES 1: 118.96 High Dec 7 and the bull trigger
  • PRICE: 116.52 @ Close Dec 12
  • SUP 1: 116.21 Low Dec 9
  • SUP 2: 115.01 Low Nov 28 and key short-term support
  • SUP 3: 114.49 Low Nov 17
  • SUP 4: 113.77 Low Nov 15

BTP futures trend signals remain bullish and the latest pullback is considered corrective - for now. The contract did trade higher last week and breached 118.12, the Dec 2 high. This reinforces short-term bullish conditions and maintains the positive price sequence of higher highs and higher lows. The focus is on a climb towards the 120.00 handle. On the downside, key support short-term to watch, has been defined at 115.01, the Nov 28 low.

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