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(H4) Support At The 50-Day EMA Remains Exposed

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 / 4
  • PRICE: 117.27 @ Close Jan 17
  • SUP 1: 117.12 Intraday low
  • SUP 2: 116.46 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 have traded lower this week and a bearish corrective cycle remains in play. Price has recently traded below the 20-day EMA and today’s move lower has delivered a print below support at 117.24, the Jan 5 low. This opens the 50-day EMA at 116.46 - the next key support. Initial firm resistance has been defined at 119.23, the Jan 12 high. A reversal higher and a break of this level would highlight a base.

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