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(Z3) Holding On To Its Recent Gains

BTP TECHS
  • RES 4: 115.56 High Aug 24
  • RES 3: 114.01 High Sep 8
  • RES 2: 113.69 76.4% retracement of the Aug 24 - Oct 4 bear leg
  • RES 1: 112.76 High Nov 2
  • PRICE: 112.23 @ Close Nov 7
  • SUP 1: 110.93/110.42 50- and 20-day EMA values
  • SUP 2: 108.01/107.42 Low Oct 26 / 19
  • SUP 3: 107.08 2.236 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
  • SUP 4: 106.40 2.382 proj of the Jun 26 - Jul 11 - 19 price swing (cont)

BTP futures traded higher last week and a corrective bull cycle remains in play - for now - with price trading closer to its recent highs. The contract has breached 111.17, Oct 12 high. This has strengthened current conditions and exposes 113.69, a Fibonacci retracement point. On the downside, initial firm support lies at 110.42, the 20-day EMA, where a break is required to signal a possible reversal. This would reinstate the recent bearish theme.

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