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(Z2) Bull Cycle Still In Play

  • RES 4: 124.35 76.4% retracement of the Aug 11 - Sep 28 bear leg
  • RES 3: 123.71 123.6 proj of the Oct 21 - 27 - Nov 8 price swing
  • RES 2: 122.00 Round number resistance
  • RES 1: 121.66 High Nov 24 and the bull trigger
  • PRICE: 120.04 @ Close Nov 29
  • SUP 1: 118.31/117.75 Low Nov 23 / 20-day EMA
  • SUP 2: 116.50 50-day EMA
  • SUP 3: 115.58 Low Nov 14
  • SUP 4: 114.68 Low Nov 10

BTP futures trend signals remain bullish and the latest pullback is considered corrective. The contract traded to fresh short-term cycle highs last week, confirming a resumption of the uptrend. This maintains the bullish price sequence of higher highs and higher lows. Price has also traded above the 120.00 handle, reinforcing current conditions. The focus is on 122.00 next. On the downside, initial firm support is at 117.75, the 20-day EMA.

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