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(Z2) Fresh Short-Term Cycle High

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: 119.49 High Nov 21
  • PRICE: 118.78 @ Close Nov 21
  • SUP 1: 116.05/113.80 20-day EMA / Low Nov 9
  • SUP 2: 112.45 Low Nov 8 and a key short-term support
  • SUP 3: 112.07/110.14 Low Oct 25 / 14
  • SUP 4: 108.82 Low Oct 21

BTP futures traded to a fresh short-term cycle high Monday. The outlook is bullish. The contract has breached 117.93, Oct 27 high plus a key resistance at 119.06, Sep 8 high, has been pierced. A clear break of 119.06 would pave the way for a continuation of the bull cycle and open the 120.00 handle. Initial firm support is seen at 116.05, the 20-day EMA. Key support lies at 112.45, the Nov 8 low. A break below the latter would reinstate a bearish theme.

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