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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: 119.55 @ 07:49 GMT Jan 04
  • SUP 1: 118.43/118.37 Low Jan 03 / 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 stalled at last week’s highs, with the fade in prices deemed corrective in nature at these levels. Last week’s price action reinforced underlying bullish conditions and confirmed 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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