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(H4) Trend Outlook Remains Bullish

BTP TECHS
  • RES 4: 123.00 Round number resistance
  • RES 3: 122.63 High Dec 7 2022 (cont)
  • RES 2: 122.18 3.00 proj of the Nov 10 - 17 - 24 price swing
  • RES 1: 121.43 2.764 proj of the Nov 10 - 17 - 24 price swing
  • PRICE: 120.27 @ Close Dec 28
  • SUP 1: 119.01/117.93 Low Dec 19 / 20-day EMA
  • 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 and the contract traded higher this week. This reinforces bullish conditions and confirms a resumption of the uptrend. Price has recently cleared resistance at 117.22, the Dec 7 high and a bull trigger. The breach maintains the positive price sequence of higher highs and higher lows. Sights are on 122.18, a Fibonacci projection. On the downside, key short-term support has been defined at 115.70, the Dec 8 low.

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