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(H3) Bullish Tone Remains Intact

BTP TECHS
  • RES 4: 116.46 76.4% retracement of the Dec 7 - Dec 30 bear leg
  • RES 3: 114.91 61.8% retracement of the Dec 7 - Dec 30 bear leg
  • RES 2: 114.00 Round number resistance
  • RES 1: 113.65 High Jan 6
  • PRICE: 113.49 @ Close Jan 6
  • SUP 1: 111.59/110.77 Low Jan 6 / Low Jan 4
  • SUP 2: 109.29 Low Jan 3
  • SUP 3: 108.36 Low Dec 30 low and bear trigger
  • SUP 4: 108.13 Low Sep 28 (cont) and a key support

The current bull cycle in BTP futures remains intact and the contract traded higher Friday to end the week on a bullish note. Price has cleared the 20-day EMA and sights are set on the 114.00 handle next. Clearance of this level would signal scope for a climb towards 114.91, a Fibonacci retracement. On the downside, initial firm support lies at 110.77, the Jan 4 low. Key support and the bear trigger has been defined at 108.36, the Dec 30 low.

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