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(Z3) Trend Structure Remains Bullish

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: 114.84 @ Close Nov 28
  • SUP 1: 113.07/112.17 20- and 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 the latest pullback appears to be a correction. This week’s rally is also a positive development. The recent break of resistance at 113.00, the Nov 9 high, confirmed a resumption of the uptrend that started Oct 19. Potential is for a climb towards 115.56, the Aug 24 high and the next key resistance. The next bull trigger is 114.89, the Nov 17 high. Key short-term support is seen at 112.17, the 50-day EMA.

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