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(Z3) Bulls Are Still In The Driver’s Seat

BTP TECHS
  • RES 4: 116.76 High Jul 27 (cont)
  • RES 3: 116.00 Round number resistance
  • RES 2: 115.56 High Aug 24
  • RES 1: 114.89 High Nov 17
  • PRICE: 114.29 @ Close Nov 23
  • SUP 1: 113.07/111.83 Low Nov 15 / 50-day EMA
  • SUP 2: 109.64 Low Nov 1
  • SUP 3: 108.01/107.42 Low Oct 26 / 19
  • SUP 4: 107.08 2.236 proj of the Jun 26 - Jul 11 - 19 price swing (cont)

BTP futures are unchanged. A bull cycle remains in play and the contract is holding on to the bulk of its recent gains. The break of resistance at 113.00, the Nov 9 high, confirmed a resumption of the uptrend that started on Oct 19. Potential exists for a climb towards 115.56, Aug 24 high and the next key resistance. On the downside, key short-term support is seen at 111.83, the 50-day EMA. A clear break of this average would signal a possible top.

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