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(H2) Downtrend Remains Intact

BTP TECHS
  • RES 4: 143.90 50-day EMA
  • RES 3: 142.55 High Feb 4
  • RES 2: 141.10/14 20-day EMA / High Jan 9
  • RES 1: 140.33 High Feb 18
  • PRICE: 139.01 @ Close Feb 22
  • SUP 1: 138.06 Low Feb 16 and the bear trigger
  • SUP 2: 137.52 Low May 18, 2020 (cont)
  • SUP 3: 136.86 Low May 13, 2020 (cont)
  • SUP 4: 136.52 2.0% 10-dma envelope

BTP futures remain in a downtrend and recent gains are considered corrective. Recent selling pressure reinforced the bearish trend condition and maintains the 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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