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(H3) Bearish Outlook

BTP TECHS
  • RES 4: 116.43 High Dec 15
  • RES 3: 113.34/115.01 High Dec 16 / Low Nov 28
  • RES 2: 112.66 20-day EMA
  • RES 1: 110.47/111.81 High Dec 29 / 22
  • PRICE: 110.04 @ Close Dec 29
  • SUP 1: 108.92 Low Dec 28
  • SUP 2: 108.82 Low Oct 21 (cont)
  • SUP 3: 108.13 Low Sep 28 (cont) and a key support
  • SUP 4: 107.71 3.5 proj of the Dec 7 - 13 price swing

BTP futures remain soft following the latest bearish price action - this week’s move lower highlights a continuation of the trend. The contract has recently cleared support at 115.01, the Nov 28 low, which has strengthened bearish conditions. Attention is on 108.13, the Sep 28 low (cont) and a key support. On the upside, initial firm resistance is seen at 112.66, the 20-day EMA. Short-term gains would be considered corrective.

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