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(U2) Key Support Remains Exposed

BTP TECHS
  • RES 4: 127.15 High Aug 17
  • RES 3: 126.00 Round number resistance
  • RES 2: 123.68/124.51 20- and 50-day EMA values
  • RES 1: 123.16 High Aug 25 and ey near-term resistance
  • PRICE: 120.01 @ Close Aug 30
  • SUP 1: 119.57 Low Jul 21 and a key support
  • 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 the move through 124.07 on Aug 19, confirmed a break of trendline support drawn from the Jun 14 low. Sights are on 119.57, the Jul 21 low and a key support. Initial firm resistance is seen at 123.16, Aug 25 high. A break would ease the current bearish pressure.

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