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(H2) Path Of Least Resistance Still Down

BTP TECHS
  • RES 4: 144.55 Low Jan 19
  • RES 3: 14.47 20-day EMA
  • RES 2: 142.55 High Feb 4
  • RES 1: 141.14 High Jan 9
  • PRICE: 139.45 @ Close Feb 10
  • SUP 1: 138.59 Low Feb 10
  • SUP 2: 138.09 1.50 proj of the Dec 14 - Jan 19 - 31 price swing
  • SUP 3: 137.52 Low May 18, 2020 (cont)
  • SUP 4: 136.86 Low May 13, 2020 (cont)

BTP futures ended its recent consolidation yesterday, breaking lower to a fresh trend low. The outlook remains bearish. Continued selling pressure has confirmed a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 138.09 next, a Fibonacci projection. Initial resistance is seen at the Jan 9 high of 141.14.

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