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(Z2) Correction Extends

BTP TECHS
  • RES 4: 119.06 High Sep 8
  • RES 3: 117.63 High Sep 14
  • RES 2: 116.71 High Oct 4 and key resistance
  • RES 1: 115.00 Round number resistance
  • PRICE: 114.41 @ Close Oct 26
  • SUP 1: 112.14 20-day EMA
  • SUP 2: 108.82 Low Oct 21
  • SUP 3: 108.13 Low Sep 28 and key support
  • SUP 4: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures traded higher yesterday as the recovery from 108.82, Oct 21 low, extends. The contract has cleared resistance at 112.25, the Oct 14 high and this signals scope for a continuation higher near-term. A break above the 115.00 handle would open 116.71, the Oct 4 high and the next key resistance. On the downside, key support lies at 108.82, Oct 21 low and 108.13, the Sep 28 trend low.

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