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(Z1) Bulls Hold On

BTP TECHS
  • RES 4: 154.64 High Sep 22 / 23
  • RES 3: 153.59 High Sep 24
  • RES 2: 152.87 High Oct 1
  • RES 1: 152.69 High Nov 8
  • PRICE: 152.40 @ Close Nov 8
  • SUP 1: 151.18/149.89 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 are trading near recent highs. Gains last week confirmed the contract has established a short-term bull cycle. Attention is on 152.54, the Oct 14 high where a clear break would strengthen the current bullish theme - this level has been probed. Initial firm support is seen at 149.89, Nov 3 low. Key support has been defined at 147.12, Nov 1 low. The broader trend direction remains bearish though and recent gains are considered corrective.

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