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(H3) Bearish Trend Sequence

BTP TECHS
  • RES 4: 116.43 High Dec 15
  • RES 3: 113.23/115.01 High Dec 16 / Low Nov 28
  • RES 2: 112.08 20-day EMA
  • RES 1: 110.47/111.81 High Dec 29 / 22
  • PRICE: 109.97 @ Close Jan 2
  • SUP 1: 108.36 Low Dec 30 low and bear trigger
  • SUP 2: 108.13 Low Sep 28 (cont) and a key support
  • SUP 3: 107.71 3.50 proj of the Dec 7 - 13 price swing
  • SUP 4: 106.94 3.764 proj of the Dec 7 - 13 price swing

BTP futures remain soft following the December bearish price action and short-term gains are considered corrective. Attention is on 108.13, the Sep 28 low (cont) and a key support. Moving average studies are in a bear mode position, reinforcing the current trend direction. On the upside, initial firm resistance is seen at 112.08, the 20-day EMA. The bear trigger is 108.36, the Dec 30 low.

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