MNI China Daily Summary: Thursday, December 12

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TECHS: (Z0) Bullish Structure Intact

BTPS
  • RES 4: 148.97 High Feb 13 (cont)
  • RES 3: 148.66 2.00 proj of Sep 1 - 3 rally from Sep 8 low
  • RES 2: 148.27 Aug 20 high major high (cont)
  • RES 1: 148.17 High Sep 22 and the bull trigger
  • PRICE: 148.09 @ Close Sep 29
  • SUP 1: 146.98 Low Sep 22
  • SUP 2: 146.48 Low 20-day EMA
  • SUP 3: 146.16 Low Sep 21
  • SUP 4: 145.56 Low Sep 15 and key near-term support

BTP traded higher yesterday. Futures maintain a bullish outlook. Gains this month have confirmed a resumption of the underlying broader uptrend following a breach of resistance at 146.21, Aug 19 high. The focus is on a key resistance at 148.27, Aug 20 high (cont) where a break would expose major resistance at 148.97, Feb 13 high (cont). On the downside, initial support is at 146.98, Sep 22 low.

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