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(Z1) Clears The Bear Trigger

BTP TECHS
  • RES 4: 154.64 High Sep 22 / 23
  • RES 3: 153.59 High Sep 24
  • RES 2: 152.54/87 High Oct 14 / High Oct 1
  • RES 1: 151.89 High Oct 27 and key resistance
  • PRICE: 150.44 @ Close Oct 28
  • SUP 1: 149.54 Low Oct 28
  • SUP 2: 148.90 1.00 proj of the Sep 23 - Oct 6 - 14 price swing
  • SUP 3: 148.77 61.8% retracement of the May - Aug rally (cont)
  • SUP 4: 148.04 1.236 proj of the Sep 23 - Oct 6 - 14 price swing

BTP futures sold off sharply yesterday. This resulted in a break of 150.38, the Oct 22 low and confirms a resumption of the underlying downtrend. The break lower maintains and extends the bearish price sequence of lower lows and lower highs. With moving average signals also pointing south, the focus shifts to 148.90, a Fibonacci projection. Key short-term resistance has been defined at 151.89, Oct 27 high.

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