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(H3) Uptrend Intact While Support Holds

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: 117.53/118.56 High Jan 20 / 19
  • PRICE: 115.79 @ Close Jan 25
  • SUP 1: 114.88 Low Jan 121
  • SUP 2: 114.84/46 20-day EMA / Low Jan 16
  • SUP 3: 113.50 Low Nov 11
  • SUP 4: 111.59 Low Jan 6

The current bull cycle in BTP futures remains intact and recent weakness appears to be a correction. Recent gains reinforce the short-term bullish condition and scope is seen for a test of key resistance at 118.96, the Dec 7 high. Clearance of this level would strengthen the case for bulls. On the downside, key short-term support to watch has been defined at 114.46, the Jan 16 low. A break would alter the picture.

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