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TECHS: (Z0) Corrective Cycle

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: 150.12 Oct 26 high
  • PRICE: 149.59 @ Close Oct 30
  • SUP 1: 148.68 Low Oct 29
  • SUP 2: 148.37 Low Oct 22 and key near-term support
  • SUP 3: 148.03 38.2% retracement of the Sep 1 - Oct 16 rally
  • SUP 4: 147.68 50-day EMA

BTPS outlook is bullish however futures remain in a corrective cycle and below recent highs. The Oct 26 gap higher failed to deliver a bullish extension and price traded lower on the day to fill the gap. Key S/T support has been defined at 148.37, Oct 22 low. A break of this level would signal scope for a deeper pullback, potentially towards 148.03, a Fibonacci retracement. Key resistance and the bull trigger is at 150.46.

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