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(U2) Bear Trend Remains Intact

BTP TECHS
  • RES 4: 127.15 High Aug 17
  • RES 3: 125.00 Round number resistance
  • RES 2: 123.94 50-day EMA
  • RES 1: 121.28/123.16 High Aug 30/25 and key near-term resistance
  • PRICE: 120.23 @ Close Sep 2
  • SUP 1: 118.26 Low Sep 1
  • SUP 2: 117.88 Low Jun 17
  • SUP 3: 117.46 76.4% retracement of the Jun 14 - Aug 11 upleg
  • SUP 4: 115.72 Low Jun 16

Bearish conditions in BTP futures remain intact - last week's fresh lows reinforce the current bear cycle. Recent weakness resulted in a break of the 20- and 50-day EMAs and confirmed a break of trendline support drawn from the Jun 14 low. Last week’s move through support at 119.57, the Jul 21 low, reinforces the current bearish theme. The focus is on 117.46 next, a Fibonacci retracement. Initial firm resistance is seen at 123.16, Aug 25 high.

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