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TECHS: (Z0) Attention Is On Support

BTPS
  • RES 4: 147.00 Round number resistance
  • RES 3: 146.62 High Jul 24
  • RES 2: 146.20 High Aug 20 and a bull trigger
  • RES 1: 146.19 High Sep 4
  • PRICE: 144.92 @ Close Sep 8
  • SUP 1: 144.46 Low Sep 8
  • SUP 2: 144.09 Low Sep1 and the bear trigger
  • SUP 3: 144.07 1.00 proj of Aug 19 - Sep sell-off from Sep 3 high
  • SUP 4: 144.0 Round number support

BTP futures traded lower yesterday, pulling further away from last week's high of 146.19 on Sep 3 before finding support. The recent move lower though refocuses attention on support at 144.09, Sep 1 low and the near-term bear trigger. A break would signal scope for a deeper correction. On the upside, key resistance is located at 146.20, Aug 20 high and a high print of 146.62 on Jul 24. Clearance of this zone would resume the uptrend.

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