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(H2) Trend Signals Still Point South

BTP TECHS
  • RES 4: 148.02 High Dec 29
  • RES 3: 147.39 High Jan 3
  • RES 2: 146.80 High Jan 14 and key short-term resistance
  • RES 1: 146.51 20-day EMA
  • PRICE: 145.65 @ Close Jan 20
  • SUP 1: 144.55 Low Jan 19
  • SUP 2: 144.08 3.00 proj of the Dec 6 - 18 - 14 price swing
  • SUP 3: 143.57 3.236 proj of the Dec 6 - 18 - 14 price swing
  • SUP 4: 143.26 3.382 proj of the Dec 6 - 18 - 14 price swing

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. The focus is on 144.08 next, a Fibonacci projection. Key short-term resistance has been defined at 146.80, Jan 14 high. A break of this hurdle would signal a short-term base.

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