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(H3) Corrective Pullback Extends

BTP TECHS
  • RES 4: 120.09 1.236 proj of the Oct 21 - 27 - Nov 8 price swing
  • RES 3: 119.00 Round number resistance
  • RES 2: 117.93/118.96 High Dec 13 / 7 and the bull trigger
  • RES 1: 116.43 High Dec 15
  • PRICE: 113.79 @ Close Dec 15
  • SUP 1: 113.24 Low Dec 15
  • SUP 2: 112.42 Low Dec 14
  • SUP 3: 112.00 Round number support
  • SUP 4: 110.71 Low Nov 9

BTP futures traded sharply lower Thursday, extending the current bear leg. The contract has cleared support at 115.01, the Nov 28 low and this signals scope for a deeper pullback. Attention is on 112.42, the Nov 14 low. On the upside, initial firm resistance has been defined at 117.93, the Dec 13 high. A break would expose key resistance and the bull trigger at 118.96, the Dec 7 high. Clearance of this level would resume the uptrend.

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