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(Z2) Clears Resistance

BTP TECHS
  • RES 4: 124.35 76.4% retracement of the Aug 11 - Sep 28 bear leg
  • RES 3: 121.32 High Aug 25
  • RES 2: 120.00 Round number resistance
  • RES 1: 119.06 High Sep 8 and a key resistance
  • PRICE: 118.62 @ Close Nov 16
  • SUP 1: 115.09/112.45 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 traded higher Wednesday. The contract has breached resistance at 117.93, the Oct 27 high. The break suggests scope for an extension towards 119.06, the Sep 8 high and a key resistance. Clearance of this level would pave the way for a continuation of the current bull cycle. Initial firm support is seen at 115.08, the 20-day EMA ahead of 112.45, the Nov 8 low. A break below the latter would reinstate a bearish theme.

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