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(U2) Bear Trend Remains In Play

BTP TECHS
  • RES 4: 127.15 High Aug 17
  • RES 3: 126.00 Round number resistance
  • RES 2: 124.45/86 20- and 50-day EMA values
  • RES 1: 123.16 High Aug 25
  • PRICE: 121.50 @ Close Aug 26
  • SUP 1: 120.71 Low Aug 26
  • SUP 2: 119.57 Low Jul 21 and a key support
  • SUP 3: 118.60 Low Jun 22
  • SUP 4: 117.88 Low Jun 17

BTP futures bearish conditions remain intact. Recent weakness resulted in a break below both the 20- and 50-day EMAs. Furthermore, the move through 124.07 on Aug 19, confirmed a break of trendline support drawn from the Jun 14 low. The clear breach has opened 119.57, the Jul 21 low. Initial firm resistance is seen at 124.86, the 50-day EMA. A break of this average is required to ease the current bearish pressure.

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