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(H3) Key Resistance Remains Exposed

BTP TECHS
  • RES 4: 120.73 0.764 proj of the Dec 30 - Jan 12 - 16 price swing
  • RES 3: 120.00 Psychological round number
  • RES 2: 118.96 High Dec 7 and a key resistance
  • RES 1: 118.56 High Jan 19
  • PRICE: 117.53 @ Close Jan 19
  • SUP 1: 116.03 Low Jan 18
  • SUP 2: 114.46/114.05 Low Jan 16 / 20-day EMA
  • SUP 3: 111.59 Low Jan 6
  • SUP 4: 110.77 Low Jan 4

The current bull cycle in BTP futures remains intact and the contract traded higher again Thursday, before pulling back. All retracement points of the Dec 7 - 30 bear cycle have been cleared and this signals scope for a test of key resistance at 118.96, the Dec 7 high. Clearance of this level would strengthen bullish conditions. On the downside, key short-term support has been defined at 114.46, the Jan 16 low.

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