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(H3) Sell Off Accelerates

BTP TECHS
  • RES 4: 121.26 0.764 proj of the Dec 30 - Jan 19 - 30 price swing
  • RES 3: 120.00 Psychological round number
  • RES 2: 118.56/96 High Jan 19 / Dec 7 and a key resistance zone
  • RES 1: 116.33/118.18 High Feb 9 / High Feb 2
  • PRICE: 112.79 @ 16:01 GMT Feb 22
  • SUP 1: 112.08 Low Feb 22
  • SUP 2: 111.90 2.0% 10-dma envelope
  • SUP 3: 111.59 Low Jan 6
  • SUP 4: 110.77 Low Jan 4 and 76.4% of the Dec 30 - Jan 19 rally

BTP futures slipped further still early Wednesday, printing a fresh pullback low at 112.08. This keeps the outlook bearish, and defies views that the recent weakness was corrective in nature. The next downside levels to watch cross at 111.90, the 2.0% 10-dma envelope. A break would be a bearish development. A reversal higher would signal scope for a test of firm resistance at 118.56, the Jan 19 high and 118.96, the Dec 7 high.

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