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(U2) Breaches Key Support

BTP TECHS
  • RES 4: 127.15 High Aug 17
  • RES 3: 126.00 Round number resistance
  • RES 2: 124.31 50-day EMA
  • RES 1: 121.28/123.16 High Aug 30/25 and key near-term resistance
  • PRICE: 119.51 @ Close Aug 31
  • SUP 1: 118.92 Low Aug 31
  • SUP 2: 118.60 Low Jun 22
  • SUP 3: 117.88 Low Jun 17
  • SUP 4: 115.72 Low Jun 16

Bearish conditions in BTP futures remain intact - this 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. Yesterday’s move through support at 119.57, the Jul 21 low, reinforces the current bearish theme. The focus is on 118.60, the Jun 22 low. Initial firm resistance is seen at 123.16, Aug 25 high.

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