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(Z1) Downtrend Likely To Extend

BTP TECHS
  • RES 4: 155.71 High Aug 5 and the bull trigger (cont)
  • RES 3: 155.68 High Aug 25
  • RES 2: 155.14 High Aug 31
  • RES 1: 154.45 High Sep 2 and key near-term resistance
  • PRICE: 153.24 @ Close Sep 8
  • SUP 1: 152.84 50.0% retracement of the Jun 25 - Aug 5 rally (cont)
  • SUP 2: 152.66 Low Jul 15 (cont)
  • SUP 3: 152.16 61.8% retracement of the Jun 25 - Aug 5 rally
  • SUP 4: 151.93 Low Jul 8 (cont)

BTP futures trend conditions remain bearish and Tuesday's sell-off reinforces this condition. The contract has recently established a bearish price sequence of lower lows and lower highs and note, on the continuation chart, the 50-day EMA has been breached reinforcing a bearish theme. The focus is on 152.84 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 154.45, Sep 2 high.

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