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(U1) 50-Day EMA Remains Exposed

BTP TECHS
  • RES 4: 157.71 High Aug 5 and the bull trigger
  • RES 3: 155.43 High Aug 13
  • RES 2: 155.11 High Aug 25
  • RES 1: 154.55/95 High Aug 30 / Former channel from May 19 low
  • PRICE: 154.44 @ Close Aug 30
  • SUP 1: 153.66/53 50-day EMA / Low Aug 26
  • SUP 2: 153.14 Low Jul 22
  • SUP 3: 152.84 50.0% retracement of the May 25 - Aug 5 rally
  • SUP 4: 152.66 Low Jul 15

BTP futures last week cleared a key support at 154.54 marking the base of a bull channel drawn off the May 19 low. The bearish breakout signals scope for a deeper corrective pullback and attention is on the 50-day EMA at 153.66. A clear break of the average would suggest scope for further near-term weakness. Initial firm resistance is at the former channel base - at 154.95 today.

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