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(H4) Approaching Resistance

BTP TECHS
  • RES 4: 122.63 High Dec 7 2022 (cont)
  • RES 3: 122.18 3.00 proj of the Nov 10 - 17 - 24 price swing
  • RES 2: 121.43 2.764 proj of the Nov 10 - 17 - 24 price swing
  • RES 1: 119.23/77 High Jan 12 and a key S/T resistance / High Jan 4
  • PRICE: 118.84 @ Close Jan 29
  • SUP 1: 116.98 Low Jan 25 and the bear trigger
  • SUP 2: 116.85 50-day EMA
  • SUP 3: 115.18 Low Dec 4
  • SUP 4: 114.10 50.0% retracement of the Oct 19 - Dec 27 bull cycle

BTP futures traded higher Monday, extending the recovery from 116.98, the Jan 25 low. Price has traded above the 20-day EMA and this exposes initial key resistance at 119.23, the Jan 12 high. A clear break of this level would highlight a base and a potential resumption of the primary uptrend. On the downside, clearance of last week’s 116.98 low would instead confirm a resumption of the recent bearish cycle.

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