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(H4) Bearish Trend Condition

BTP TECHS
  • RES 4: 121.43 High 27 and a key resistance
  • RES 3: 120.40 High Dec 29
  • RES 2: 119.27/77 High Jan 30 / 4
  • RES 1: 117.89 20-day EMA
  • PRICE: 117.29 @ 08:20 Feb 12
  • SUP 1: 116.44 Low Dec 13
  • SUP 2: 115.70 Low Dec 8
  • SUP 3: 114.10 50.0% retracement of the Oct 19 - Dec 27 bull cycle
  • SUP 4: 113.31 Low Nov 28

The trend condition in BTP futures remains bearish and last week’s move lower reinforces current conditions. Attention is on key support at 116.98, the Jan 25 low. It has been pierced, a clear break would confirm a resumption of the bearish cycle and open 115.70, the Dec 8 low. Firm resistance has been defined at 119.27, the Jan 30 high. Initial resistance to watch is at 117.89, the 20-day EMA.

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