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(H3) Pullback Considered Corrective

BTP TECHS
  • RES 4: 121.26 0.764 proj of the Dec 30 - Jan 19 - 30 price swing
  • RES 3: 120.00 Psychological round number
  • RES 2: 118.56/96 High Jan 19 / Dec 7 and a key resistance zone
  • RES 1: 116.33/118.18 High Feb 9 / High Feb 2
  • PRICE: 115.70 @ Close Feb 9
  • SUP 1: 114.22/113.47 Low Feb 8 / Low Jan 30 and key support
  • SUP 2: 112.26 61.8% retracement of the Dec 30 - Jan 19 rally
  • SUP 3: 111.59 Low Jan 6
  • SUP 4: 110.77 Low Jan 4 and 76.4% of the Dec 30 - Jan 19 rally

BTP futures traded sharply higher on Feb 2 and the contract breached resistance at 116.94, the Jan 25 high. The contract has pulled back from its recent highs, however, the move lower is considered corrective - for now. Key short-term support to watch lies at 113.47, the Jan 30 low. A break would be a bearish development. A reversal higher would signal scope for a test of firm resistance at 118.56, the Jan 19 high and 118.96, the Dec 7 high.

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