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(U3) Key Support Remains Exposed

BTP TECHS
  • RES 4: 117.48/60 High Jul 19 / Jun 26 and key resistance
  • RES 3: 116.86 High Jul 24
  • RES 2: 114.92/116.02 50-day EMA / High Aug 9
  • RES 1: 114.27 High Aug 18
  • PRICE: 113.27 @ Close Aug 21
  • SUP 1: 112.95 Low Jul 11 and the bear trigger
  • SUP 2: 112.48 Low May 29
  • SUP 3: 111.78 Low May 26 and a key support
  • SUP 4: 111.05 1.382 proj of the Jun 26 - Jul 11 - Jul 19 price swing

A bearish condition in BTP futures remains intact and recent short-term gains are considered corrective. Last week’s sell-off reinforces current bearish conditions and the move lower exposes the next key support at 112.95, the Jul 11 low. A break of this level would strengthen the bearish theme and open 112.48, the May 29 low. On the upside, resistance to watch is at 114.92, the 50-day EMA.

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