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(H4) Bulls Remain In The Driver’s Seat

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.81 1.618 proj of the Nov 10 - 17 - 24 price swing
  • RES 2: 117.44 1.50 proj of the Nov 10 - 17 - 24 price swing
  • RES 1: 117.22 High Dec 7 and the bull trigger
  • PRICE: 116.37 @ Close Dec 12
  • SUP 1: 114.70/114.13 20-day EMA / Low Nov 30
  • SUP 2: 112.70 Low Nov 24 and a key support
  • SUP 3: 111.53 Low Nov 14
  • SUP 4: 110.50 Low Nov 7

A bull cycle in BTP futures remains in play and recent gains reinforced the bullish condition. The break of resistance at 114.11, Nov 17 high, confirmed a resumption of the uptrend that started Oct 19. Potential is for a climb towards 117.44 next, a Fibonacci projection. Key short-term trend support has been defined at 112.70, the Nov 24 low. Initial support is at 114.70, the 20-day EMA. A move lower would be considered corrective.

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