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(U3) Approaching Key Support

  • RES 4: 117.60 High Jun 26 and the bull trigger
  • RES 3: 116.86/117.48 High Jul 24 / 19
  • RES 2: 115.10/116.02 50-day EMA High Aug 9
  • RES 1: 114.21 High Aug 15
  • PRICE: 113.80 @ Close Aug 16
  • SUP 1: 113.04 Low Aug 15
  • SUP 2: 112.95 Low Jul 11 and the bear trigger
  • SUP 3: 112.48 Low May 29
  • SUP 4: 111.78 Low May 26 and a key support

A bearish condition in BTP futures remains intact following the reversal that started Jul 19. Tuesday’s sell-off, reinforces current bearish conditions. The move lower exposes the next key support at 112.95, the Jul 11 low, A break of this level would strengthen the current bearish theme and open 112.48, the May 29 low. On the upside, resistance to watch is at 115.10, the 50-day EMA.

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