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(Z2) Trend Needle Points North

BTP TECHS
  • RES 4: 121.32 High Aug 25
  • RES 3: 120.00 Round number resistance
  • RES 2: 119.06 High Sep 8
  • RES 1: 117.93 High Oct 27
  • PRICE: 116.29 @ Close Oct 28
  • SUP 1: 115.08/112.97 Low Oct 28 / 20-day EMA
  • SUP 2: 110.14 Low Oct 14
  • SUP 3: 108.82 Low Oct 21
  • SUP 4: 108.13 Low Sep 28 and key support

BTP futures traded sharply higher last Thursday as the recovery from 108.82, Oct 21 low, extends. The contract has cleared resistance at 112.25, the Oct 14 high and 116.71, the Oct 4 high. This signals scope for a continuation higher near-term and attention is on resistance at 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 lies at 112.97, the 20-day EMA.

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