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(H4) Watching Support

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: 119.27/77 High Jan 30 / 4
  • PRICE: 117.73 @ Close Feb 7
  • SUP 1: 116.98 Low Jan 25 and the bear trigger
  • SUP 2: 115.70 Low Dec 8
  • SUP 3: 114.10 50.0% retracement of the Oct 19 - Dec 27 bull cycle
  • SUP 4: 113.31 Low Nov 28

BTP futures are unchanged and continue to trade below the Jan 30 high of 119.27. The contract has recently pierced resistance at the Jan 12 high of 119.23. A resumption of gains and a clear break of 119.23 would highlight a base and a potential continuation of the primary uptrend. For now, attention is on key support at 116.98, Jan 25 low. Clearance of this level would resume the recent bearish cycle and open 115.70, the Dec 8 low.

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