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TECHS: (Z0) Approaching Key Resistance

BTPS
  • RES 4: 152.00 Round number resistance
  • RES 3: 151.17 0.764 of Jun 10 - Aug 20 swing from Sep 9 low (cont)
  • RES 2: 150.46 High Oct 16 and the bull trigger
  • RES 1: 150.40 High Nov 4
  • PRICE: 150.21 @ Close Nov 4
  • SUP 1: 148.97 Low Nov 2
  • SUP 2: 148.68 Low Oct 29
  • SUP 3: 148.37 Low Oct 22 and key near-term support
  • SUP 4: 148.03 38.2% retracement of the Sep 1 - Oct 16 rally

BTPS outlook remains bullish. Futures traded higher yesterday refocusing attention on the key resistance at 150.46, Oct 16 high. A break of this hurdle would confirm a resumption of the underlying uptrend and open 151.17 next, a Fibonacci projection. Note that while price remains below 150.46, the recent corrective cycle may still dominate. A pullback would expose the key support handle at 148.37, Oct 22 low.

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