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(H2) Trend Needle Still Points South

BTP TECHS
  • 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: 139.87 @ Close Feb 8
  • SUP 1: 139.32 Low Feb 7
  • 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)

A sharp sell-off in BTP futures late last week and Monday, have reinforced bearish conditions. The impulsive sell-off and break of support at 144.55, Jan 27 low, marked a resumption of the 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 4 high of 142.55. Short-term gains would be considered corrective.

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