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(Z2) Pullback Still Appears To Be A Correction

BTP TECHS
  • RES 4: 121.32 High Aug 25
  • RES 3: 120.00 Round number resistance
  • RES 2: 119.06 High Sep 8 and a key resistance
  • RES 1: 117.93 High Oct 27
  • PRICE: 114.82 @ Close Nov 2
  • SUP 1: 113.47 20-day EMA
  • 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 continue to trade below 117.93, the Oct 27 high. The short-term outlook is bullish following last week’s climb. The contract has cleared resistance at 112.25, Oct 14 high and 116.71, the Oct 4 high. This signals scope for a continuation higher near-term and attention is on 119.06, the Sep 8 high. On the downside, key support lies at 108.82, Oct 21 low and 108.13, the Sep 28 trend low. Initial support is at 113.47, the 20-day EMA.

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