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(H2) Heading South

BTP TECHS
  • RES 4: 145.16 50-day EMA
  • RES 3: 144.55 Low Jan 19
  • RES 2: 142.55/142.59 High Feb 4 / 20-day EMA
  • RES 1: 141.14 High Jan 9
  • PRICE: 139.06 @ Close Feb 16
  • SUP 1: 138.06 Low Feb 16
  • SUP 2: 137.64 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 soft and the contract traded lower at the open Wednesday, extending recent poor performance. This keeps the outlook bearish. Continued selling pressure has again confirmed a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 137.64 next, the May 18 2020 low on the continuation contract. On the upside, initial resistance is seen at the Feb 9 high of 141.14.

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