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(Z2) Bullish Trend Conditions

BTP TECHS
  • 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: 119.44 @ Close Nov 25
  • SUP 1: 118.31/117.36 Low Nov 24 / 20-day EMA
  • SUP 2: 116.25 50-day EMA
  • SUP 3: 115.58 Low Nov 14
  • SUP 4: 114.68 Low Nov 10

BTP futures traded to fresh short-term cycle highs last week. The outlook is bullish and last week’s break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Price has traded above the 120.00 handle and this reinforces current conditions. The focus is on 122.00 next. On the downside, initial firm support is at 117.36, the 20-day EMA.

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