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(H2) Downtrend Intact

BTP TECHS
  • RES 4: 144.10 50-day EMA
  • RES 3: 142.55 High Feb 4
  • RES 2: 141.32 20-Day EMA
  • RES 1: 141.14 High Jan 9
  • PRICE: 139.19 @ Close Feb 21
  • SUP 1: 138.06 Low Feb 16 and the bear trigger
  • SUP 2: 137.68 2.0% 10-dma envelope
  • SUP 3: 137.52 Low May 18, 2020 (cont)
  • SUP 4: 136.86 Low May 13, 2020 (cont)

BTP futures remain in a downtrend and last week’s gains are considered corrective. Recent selling pressure confirmed a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving averages point south too. The focus is on 137.64, the May 18 2020 low on the continuation contract. On the upside, initial firm resistance is seen at the Feb 9 high of 141.14.

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