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(Z2) Bullish Outlook

BTP TECHS
  • RES 4: 121.32 High Aug 25
  • RES 3: 120.00 Round number resistance
  • RES 2: 119.06 High Sep 8 and a key resistance
  • RES 1: 118.00 High Nov 10
  • PRICE: 117.86 @ Close Nov 10
  • SUP 1: 114.06/112.45 20-day EMA / Low Nov 8
  • SUP 2: 112.07/110.14 Low Oct 25 / 14
  • SUP 3: 108.82 Low Oct 21
  • SUP 4: 108.13 Low Sep 28 and key support

BTP futures found support again Thursday and rallied sharply higher. Resistance at 117.93, the Oct 27 high has been pierced, a clear break would suggest potential for a extension higher towards 119.06, the Sep 8 high and a key resistance. On the downside, initial firm support is seen at 114.06, the 20-day EMA ahead of Tuesday’s low of 112.45. A break below the latter would reinstate a bearish theme.

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