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(H3) Short-Term 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: 114.14 50-day EMA and a key resistance
  • PRICE: 112.69 @ Close Feb 28
  • SUP 1: 111.78 Low Feb 28
  • SUP 2: 111.08 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 traded to a fresh short-term trend low of 111.78 on Tuesday. The trend outlook remains bearish and the next downside levels to watch cross at 111.08, the 2.0% 10-dma envelope and 110.77, a Fibonacci retracement point. On the upside, resistance to watch is at 114.14, the 50-day EMA. A clear breach of this average is required to signal a potential base and would highlight a possible reversal.

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