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(Z3) Trades Through Resistance

BTP TECHS


  • RES 4: 114.01 High Sep 8
  • RES 3: 113.69 76.4% retracement of the Aug 24 - Oct 4 bear leg
  • RES 2: 112.53 61.8% retracement of the Aug 24 - Oct 4 bear leg
  • RES 1: 112.26 High Nov 2
  • PRICE: 111.56 @ Close Nov 2
  • SUP 1: 109.83 20-day EMA
  • 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 again Thursday and a short-term corrective bull cycle remains in play - for now. The contract has breached resistance at 111.17, the Oct 12 high. This has strengthened current conditions and exposes 112.53, a Fibonacci retracement point. On the downside, initial firm support lies at 109.83, 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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