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(Z2) Retracement Extends

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: 116.54/117.93 High Nov 1 / High Oct 27 and the bull trigger
  • PRICE: 113.67 @ Close Nov 3
  • SUP 1: 112.98 Low Nov 3
  • 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, however, the contract traded lower again Thursday. A continuation down would undermine a bull theme and expose the next support at 112.07, Oct 25 low. Key support lies at 108.82, Oct 21 low and 108.13, the Sep 28 trend low. On the upside, the contract needs to clear resistance at 117.93 to confirm a resumption of bullish activity.

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