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(Z1) Corrective Bounce

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: 150.81/151.89 20-day EMA / High Oct 27 and key resistance
  • PRICE: 150.27 @ Close Nov 3
  • SUP 1: 148.14/147.12 Low Nov 2 / Low Nov 1 and the bear trigger
  • SUP 2: 146.65 1.618 proj of the Sep 23 - Oct 6 - 14 price swing
  • SUP 3: 146.12 1.764 proj of the Sep 23 - Oct 6 - 14 price swing
  • SUP 4: 145.26 2.00 proj of the Sep 23 - Oct 6 - 14 price swing

BTP futures have found some support this week and again traded higher yesterday. A S/T recovery considered a correction and trend conditions continue to highlight a bearish theme. Lows earlier this week maintain and extend the bearish price sequence of lower lows and lower highs. With moving average studies pointing south, the focus is on 146.65, a Fibonacci projection. Key resistance has been defined at 151.89, Oct 27 high.

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