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(H4) Northbound

BTP TECHS
  • RES 4: 120.60 2.50 proj of the Nov 10 - 17 - 24 price swing
  • RES 3: 120.00 Psychological round number
  • RES 2: 119.77 2.236 proj of the Nov 10 - 17 - 24 price swing
  • RES 1: 119.27 High Dec 15
  • PRICE: 118.96 @ Close Dec 18
  • SUP 1: 117.18 High Dec 13 and gap high
  • SUP 2: 115.70 Low Dec 8 and key short-term support
  • SUP 3: 114.13 Low Nov 30
  • SUP 4: 112.70 Low Nov 24

A bull cycle in BTP futures remains in play. Last week’s move higher reinforces bullish conditions and confirms a resumption of the uptrend. The contract has cleared former resistance at 117.22, the Dec 7 high and a bull trigger. This maintains the current positive price sequence of higher highs and higher lows. 119.77, a Fibonacci projection, is the next objective. On the downside, key short-term support has been defined at 115.70, the Dec 8 low.

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