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(Z1) Bull Theme Intact

BTP TECHS
  • RES 4: 155.14 High Aug 31
  • RES 3: 154.64 High Sep 22 / 23 and a key resistance
  • RES 2: 153.59 High Sep 24
  • RES 1: 153.08 High Nov 10
  • PRICE: 152.02 @ Close Nov 10
  • SUP 1: 151.41/149.89 20-day EMA / Nov 3 low
  • SUP 2: 148.14/147.12 Low Nov 2 / Low Nov 1 and the bear trigger
  • SUP 3: 146.65 1.618 proj of the Sep 23 - Oct 6 - 14 price swing
  • SUP 4: 146.12 1.764 proj of the Sep 23 - Oct 6 - 14 price swing

BTP futures traded higher again yesterday before facing some resistance. Last week's rally confirmed a short-term bull cycle and this week's breach of 152.54, Oct 14 high reinforces this condition. The break strengthens the short-term case for bulls and opens 153.59 next, Sep 24 high. Initial firm support is seen at 149.89, Nov 3 low. Key support has been defined at 147.12, Nov 1 low.

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