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(Z1) Breaches A Key Short-Term Support

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: 151.96/153.12 50-day EMA / High Nov 10 and the bull trigger
  • PRICE: 150.53 @ Close Nov 23
  • SUP 1: 150.31 Low Nov 23
  • 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 continued to face resistance yesterday and the move lower resulted in a breach of support 150.72, Nov 12 low. The break lower undermines the recent bull theme and a deeper sell-off would open 149.41, 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.

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