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(U2) Approaching Trendline Support

BTP TECHS
  • RES 4: 131.24 High May 12 (cont)
  • RES 3: 130.00 Round number resistance
  • RES 2: 129.36 High Aug 11 and the bull trigger
  • RES 1: 127.15 High Aug 17
  • PRICE: 125.06 @ Close Aug 17
  • SUP 1: 124.56 Low Aug 17
  • SUP 2: 123.31 61.8% retracement of the Jul 21 - Aug 11 upleg
  • SUP 3: 121.88 76.4% retracement of the Jul 21 - Aug 11 upleg
  • SUP 4: 119.57 Low Jul 21

BTP futures bearish conditions have strengthened following yesterday’s move lower. The sell-off has resulted in a break below both the 20- and 50-day EMAs and sets the scene for an extension lower near-term. The focus is on 123.86, trendline support drawn from the Jun 14 low. A break would open 121.88, a Fibonacci retracement. Initial resistance is seen at yesterday’s high of 127.15.

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