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(Z1) Bearish Extension

BTP TECHS

RES 4: 155.14 High Aug 31
RES 3: 154.64 High Sep 22 / 23 and a key resistance
RES 2: 153.59 High Sep 24
RES 1: 151.90/153.12 50-day EMA / High Nov 10 and the bull trigger
PRICE: 150.10 @ Close Nov 24
SUP 1: 149.59 Low Nov 24
SUP 2: 149.41 61.8% retracement of the Nov 1 - 10 rally
SUP 3: 148.54 76.4% retracement of the Nov 1 - 10 rally
SUP 4: 147.12 Low Nov 1 and the bear trigger

BTP futures traded lower again yesterday. This week's move down has resulted in a break of support at 150.72, Nov 12 low. The move through this level undermines the recent bull theme and a deeper sell-off would open 149.41 next, a Fibonacci retracement level. On the upside, key short-term resistance has been defined at 153.12, Nov 10 high where a break is required to reinstate the recent bullish theme. Initial resistance is at 151.90.

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(Z1) Bearish Extension

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