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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: 115.66 High Jul 4 and 5
  • RES 1: 114.95 20-day EMA
  • PRICE: 114.29 @ Close Jul 12
  • SUP 1: 112.95 Low Jul 11
  • 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 recently reinforced a bearish theme and confirmed an extension of the reversal from 117.60, the Jun 26 high. The trend condition remains bearish and yesterday’s gains are considered corrective. Scope is seen for a move towards 111.78, the May 26 low and a key support. Initial firm resistance is seen at 114.95, the 20-day EMA. A breach of this average would ease the current bearish threat.

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