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(U2) Bearish Outlook

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: 125.38/127.15 50-day EMA / High Aug 17
  • PRICE: 122.51@ Close Aug 22
  • SUP 1: 121.88 76.4% retracement of the Jul 21 - Aug 11 upleg
  • SUP 2: 120.85 Low Jul 22
  • SUP 3: 119.57 Low Jul 21 and a key support
  • SUP 4: 118.60 Low Jun 22

BTP futures bearish conditions have strengthened, following the sharp sell-off last week. The move lower has resulted in a break below both the 20- and 50-day EMAs. Furthermore, the move through 124.07 on Friday, confirmed a break of trendline support drawn from the Jun 14 low. The clear breach has opened 121.88, a Fibonacci retracement. Initial firm resistance is seen at 125.38, the 50-day EMA.

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