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(Z1) Remains Above Last Week’s Low

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: 151.79/153.12 High Nov 29 / High Nov 10 and the bull trigger
  • PRICE: 151.40 @ Close GMT Nov 29
  • SUP 1: 149.59 Low Nov 24 and key support
  • SUP 2: 149.41 61.8% retracement of the Nov 1 - 10 rally
  • SUP 3: 148.54 76.4% retracement of the Nov 1 - 10 rally
  • SUP 4: 147.12 Low Nov 1 and the bear trigger

BTP futures traded lower in the first half of last week. The move down resulted in a break of support at 150.72, Nov 12 low that undermines the recent bull theme. A deeper sell-off would open 149.41, a Fibonacci retracement level and potentially lower. However, the contract has bounced off 149.59, Nov 24 low. Key short-term resistance and the bull trigger is at 153.12, Nov 10 high. Initial resistance to watch is at 151.76, the 50-day EMA.

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