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(Z0) Still Trading Below Recent Highs

BTP TECHS
  • RES 4: 153.09 1.000 of Jun 10 - Aug 20 swing from Sep 9 low (cont)
  • RES 3: 152.00 Round number resistance
  • RES 2: 151.30 All Time High Nov 9
  • RES 1: 150.78 76.4% retracement of the Nov 9 - 11 sell-off
  • PRICE: 150.35 @ Close Nov 12
  • SUP 1: 149.09 Low Nov 11 and key near-term support
  • SUP 2: 148.97 Low Nov 2
  • SUP 3: 148.68 Low Oct 29
  • SUP 4: 148.37 Low Oct 22, 50-day EMA and key support

BTPS stalled at Monday's all-time high of 151.30 and reversed sharply lower this week but have again found support. The sell-off earlier this week is an early signal that a long overdue correction has started. If correct, this has opened the key near-term support handle at 148.37, Oct 22 low. A break of this level would signal scope for a deeper pullback. On the upside, gains above Monday's high of 151.30 would resume the uptrend.

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