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(Z2) Uptrend Remains Intact

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: 119.27 High Sep 8 and a key resistance
  • PRICE: 118.37 @ Close Nov 17
  • SUP 1: 115.39/113.80 20-day EMA / Low Nov 9
  • SUP 2: 112.45 Low Nov 8
  • SUP 3: 112.07/110.14 Low Oct 25 / 14
  • SUP 4: 108.82 Low Oct 21

BTP futures traded higher Thursday. The contract has breached 117.93, the Oct 27 high and a key resistance at 119.06, the Sep 8 high, has been pierced. Clearance of this level would pave the way for a continuation of the current bull cycle and open the 120.00 handle. Initial firm support is seen at 115.39, the 20-day EMA ahead of 112.45, the Nov 8 low. A break below the latter would reinstate a bearish theme.

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