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(H3) Pierces Support

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: 118.57/96 High Jan 25 / Dec 7 and a key resistance zone
  • RES 1: 116.94 High Jan 25
  • PRICE: 114.61 @ Close Jan 27
  • SUP 1: 114.18/13 Low Jan 27 / 50-day EMA
  • SUP 2: 113.50 Low Nov 11
  • SUP 3: 111.59 Low Jan 6
  • SUP 4: 110.77 Low Jan 4

A bull cycle in BTP futures remains intact and recent weakness is considered corrective. However, support at 114.46, the Jan 16 low, has been pierced. A break of this level would threaten the bull theme and signal scope for a deeper pullback. This would open 113.50 initially, the Nov 11 low. Initial firm resistance is at 116.94, the Jan 25 high. A break would refocus attention on the 118.56/96 resistance zone, the Jan 19 and Dec 7 high respectively.

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