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(Z3) Bulls Remain In The Driver’s Seat

BTP TECHS
  • 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: 116.36 High Dec 1
  • PRICE: 116.04 @ Close Dec 4
  • SUP 1: 113.71 20-day EMA
  • SUP 2: 113.28/112.69 Low Nov 24 and key support / 50-day EMA
  • SUP 3: 110.81 Low Nov 2
  • SUP 4: 109.64 Low Nov 1

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

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