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(H3) Outlook Remains Bearish

BTP TECHS
  • RES 4: 116.33 High Feb 9
  • RES 3: 116.11 High Feb 14
  • RES 2: 115.30 High Feb 15
  • RES 1: 114.20 50-day EMA and a key resistance
  • PRICE: 113.21 @ Close Feb 24
  • SUP 1: 112.08 Low Feb 27
  • SUP 2: 111.30 2.0% 10-dma envelope
  • SUP 3: 110.77 Low Jan 4 and 76.4% of the Dec 30 - Jan 19 rally
  • SUP 4: 109.29 Low Jan 3

BTP futures remain above last week’s low of 112.08 on Feb 22. While prices have stabilised somewhat, the near-term picture remains bearish for now. The next downside levels to watch cross at 111.30, the 2.0% 10-dma envelope and 110.77, a Fibonacci retracement point. On the upside, resistance to watch is at 114.20, the 50-day EMA. A clear breach of this average is required to signal a potential base.

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