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(H2) Remains Heavy

  • RES 4: 146.16 High Feb 1
  • RES 3: 145.11 High Feb 3
  • RES 2: 144.55 Low Jan 27 and recent breakout level
  • RES 1: 142.55 High Feb 4
  • PRICE: 141.06 @ Close Feb 4
  • SUP 1: 140.81 Low Feb 4
  • SUP 2: 140.14/00 Low Jun 10, 2020 (cont) / Round number support
  • SUP 3: 139.87 50.0% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 138.09 1.50 proj of the Dec 14 - Jan 19 - 31 price swing

A sharp sell-off dominated price action in BTP futures late last week. The break below former support at 144.55, Jan 27 low confirms a resumption of the downtrend and maintains the broader bearish price sequence of lower lows and lower highs. The focus is on the 140.00 psychological handle next. On the upside, initial firm resistance is seen at the recent breakout level of 144.55. Short-term gains would be considered corrective.

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