(H2) Trend Signals Still Point South

• 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.