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(H2) Resumes Its Downtrend

BTP TECHS
  • RES 4: 148.02 High Dec 29
  • RES 3: 147.39 High Jan 3
  • RES 2: 146.60/80 20-day EMA / High Jan 14
  • RES 1: 146.01 High Jan 17
  • PRICE: 145.05 @ Close Jan 19
  • SUP 1: 145.29/12 Low Nov 1 / Low Jan 10 and the bear trigger
  • SUP 2: 144.90 2.618 proj of the Dec 6 - 18 - 14 price swing
  • SUP 3: 144.59 2.764 proj of the Dec 6 - 18 - 14 price swing
  • SUP 4: 144.00 round number support

BTP futures traded lower Wednesday. A bearish trend remains intact and further weakness is likely near-term. Futures have cleared support at 145.12, Jan 10 low to confirm a resumption of the primary downtrend and maintain a sequence of lower lows and lower highs. Moving average conditions are bearish too. The focus is on 144.08 next, a Fibonacci projection. Key short-term resistance has been defined at 146.80, Jan 14 high.

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