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(U2) Bear Trend Still In Play

BTP TECHS
  • RES 4: 130.00 Round number resistance
  • RES 3: 129.36 High Aug 11 and the bull trigger
  • RES 2: 125.00/127.15 50-day EMA / High Aug 17
  • RES 1: 124.02 High Aug 22
  • PRICE: 122.88 @ Close Aug 25
  • SUP 1: 120.77 Low Aug 24
  • 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 despite yesterday’s bounce. This week’s move lower has 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 125.00, the 50-day EMA.

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