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TECHS: (U0) Attention Remains On Support

BTPS
  • RES 4: 148.97 High Feb 13 (cont)
  • RES 3: 148.94 1.0% 10-dma envelope
  • RES 2: 148.27 High Aug 20 and the key resistance
  • RES 1: 147.83 High Aug 25
  • PRICE: 146.78 @ Close Aug 28
  • SUP 1: 146.41/37 Low Aug 14 / Low Aug 3 and key support
  • SUP 2: 145.62 Low Jul 21
  • SUP 3: 145.72 50-day EMA
  • SUP 4: 144.92 Low Jul 20

BTP futures continue to trade below recent highs. Last week's selling pressure has exposed key support at 146.41, Aug 14 low. A breach of this level would signal a near-term top in the trend and the likely start of a correction. This would open 145.72 initially, the 50-day EMA. Clearance of the average would reinforce bearish conditions. Note, for now the trend remains up while support holds. The bull trigger is 148.27, Aug 20 high.

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