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(U3) Bear Threat Still Present

BTP TECHS
  • RES 4: 117.60 High Jun 26 and the bull trigger
  • RES 3: 116.52 High Jul 3
  • RES 2: 115.23 20-day EMA
  • RES 1: 114.61 Low Jun 15
  • PRICE: 113.50 @ Close Jul 10
  • SUP 1: 113.15/01 76.4% of the May 26 - Jun 26 bull leg / Low Jul 7
  • SUP 2: 112.48 Low May 29
  • SUP 3: 111.78 Low May 26 and a key support
  • SUP 4: 111.00 Round number support

A sharp sell-off in BTP futures last week reinforces a bearish theme and confirms an extension of the reversal from 117.60, the Jun 26 high. The focus is on 113.15, a Fibonacci retracement point. This level has been pierced, a clear break would open 111.78, the May 26 low and a key support. Initial firm resistance is seen at 115.60, the 20-day EMA. A breach of this level would ease the current bearish threat.

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