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(U2) Bear Trend Intact

BTP TECHS
  • RES 4: 125.13 Low May 24
  • RES 3: 123.92 20-day EMA
  • RES 2: 123.38 High Jun 7
  • RES 1: 121.27 Low Jun 7
  • PRICE: 118.46 @ Close Jun 10
  • SUP 1: 118.11 2.50 proj of the May 12 - 24 - 26 price swing
  • SUP 2: 117.66 2.618 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 117.09 2.764 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 117.00 Round number support

The primary trend condition in BTP futures remains bearish and last week’s strong sell-off reinforces this theme. The recent break of 123.88, May 9 low and a bear trigger, confirmed a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 117.66 next, a Fibonacci projection. Initial firm resistance is at 123.38, the Jun 7 high.

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