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(H4) Bearish Short-Term Theme

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: 119.77 High Jan 4
  • PRICE: 117.87 @ Close Jan 9
  • SUP 1: 117.24 Low Jan 05
  • SUP 2: 116.01 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

The recent move down in BTP futures is considered corrective. However, price has traded through support around the 20-day EMA and this signals scope for a continuation lower near-term, potentially towards the 50-day EMA and a key support, at 116.01. Initial firm resistance has been defined at 119.77, the Jan 4 high. Key resistance and the bull trigger is at 121.43, the Dec 27 high.

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