January 27, 2023 06:50 GMT
(H3) Pullback Considered Corrective
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: 115.20 @ Close Jan 26
- SUP 1: 114.88/87 Low Jan 12 / 20-day EMA
- SUP 2: 114.46 Low Jan 16 and key short-term support
- SUP 3: 113.50 Low Nov 11
- SUP 4: 111.59 Low Jan 6
A bull cycle in BTP futures remains intact and recent weakness is considered corrective. The support to watch has been defined at 114.46, the Jan 16 low. A break of this level would threaten the bull theme and instead 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 breach would refocus attention on the bull trigger at 118.56/96, Jan 19 and Dec 7 high respectively.
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