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(H2) Bearish Outlook

BTP TECHS
  • RES 4: 148.02 High Dec 29
  • RES 3: 147.55 50-day EMA
  • RES 2: 146.80 High Jan 14 and key short-term resistance
  • RES 1: 146.49 High Jan 24
  • PRICE: 145.22 @ Close Jan 26
  • SUP 1: 144.55 Low Jan 19 and the bear trigger
  • SUP 2: 144.08 3.00 proj of the Dec 6 - 18 - 14 price swing
  • SUP 3: 143.57 3.236 proj of the Dec 6 - 18 - 14 price swing
  • SUP 4: 143.26 3.382 proj of the Dec 6 - 18 - 14 price swing

Trend conditions in BTP futures remain bearish. This theme was reinforced by last week’s break of support at 145.12, Jan 10 low that confirmed a resumption of the primary downtrend and maintains a price sequence of lower lows and lower highs. This opens 144.08, a Fibonacci projection. Short-term gains are considered corrective and key resistance has been defined at 146.80, Jan 14 high. A break of this hurdle would highlight a short-term base.

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