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(Z2) Clears The 120.00 Handle

BTP TECHS
  • RES 4: 124.35 76.4% retracement of the Aug 11 - Sep 28 bear leg
  • RES 3: 1123.71 123.6 proj of the Oct 21 - 27 - Nov 8 price swing
  • RES 2: 122.00 Round number resistance
  • RES 1: 121.32 High Aug 25
  • PRICE: 120.27 @ Close Nov 24
  • SUP 1: 118.14/116.69 Low Nov 23 / 20-day EMA
  • SUP 2: 115.58 Low Nov 14
  • SUP 3: 113.80 Low Nov 9
  • SUP 4: 112.45 Low Nov 8 and a key support

BTP futures traded to a fresh short-term cycle high yesterday. The outlook is bullish and the break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Price has cleared the 120.00 handle and this reinforces current conditions. The break higher opens 121.32 next, the Aug 25 high. On the downside, initial support is at 116.69, the 20-day EMA.

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