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(U1) Bearish Conditions Intact

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 High Aug 30
  • PRICE: 153.79 @ Close Sep 2
  • SUP 1: 153.02 Low Sep 1
  • SUP 2: 152.84 50.0% retracement of the May 25 - Aug 5 rally
  • SUP 3: 152.66 Low Jul 15
  • SUP 4: 152.16 50.0% retracement of the May 25 - Aug 5 rally

BTP futures trend conditions remain bearish. On Aug 25, the contract 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 Tuesday's sell-off confirmed a resumption of this downleg with the contract clearing 153.53, Aug 26 low. This opens 152.84, a Fibonacci retracement. Key S/T resistance has been defined at 154.55, Aug 30 high.

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