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(Z3) Bullish Trend Sequence

  • RES 4: 117.60 High Jun 26 (cont)and a key resistance
  • RES 3: 117.48 High Jul 19 (cont)
  • RES 2: 116.76 High Jul 27 (cont)
  • RES 1: 116.00 Round number resistance
  • PRICE: 114.97 @ Close Nov 30
  • SUP 1: 113.28/112.41 Low Nov 24 / 50-day EMA
  • SUP 2: 110.81 Low Nov 2
  • SUP 3: 109.64 Low Nov 1
  • SUP 4: 108.01/107.42 Low Oct 26 / 19

A bull cycle in BTP futures remains in play and this week’s rally has reinforced the bullish condition. Wednesday’s break of resistance at 114.89, the Nov 17 high, confirms a resumption of the uptrend that started Oct 19. Potential is for a climb towards 116.00 next. Further out, scope is seen for a climb towards 116.76, the Jul 27 high (cont). On the downside, key short-term trend support has been defined at 113.28, the Nov 24 low.

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