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(U3) Bearish Theme Remains Intact

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.60 High Jun 26 and the bull trigger
  • RES 2: 116.86/117.48 High Jul 24 / 19
  • RES 1: 116.02 High Aug 9
  • PRICE: 114.38 @ Close Aug 14
  • SUP 1: 113.81 Low Aug 4
  • 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. The latest pullback reinforces this theme and cancels a recent short-term bullish threat. Key near-term support lies at 113.81, the Aug 4 low. Clearance of this level would strengthen the bearish theme and expose 112.95, the Jul 11 low. Key resistance to watch is 116.02, the Aug 9 high. A break of this level would represent a bullish development.

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