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(Z1) Free-Falling

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: 149.69/151.89 High Oct 29 / High Oct 27 and key resistance
  • PRICE: 147.26 @ 13:20 GMT Nov 1
  • SUP 1: 147.13 76.4% retracement of the May - Aug rally (cont)
  • 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 are in freefall again as the contract trades to fresh trend lows and confirms once again a resumption of the underlying downtrend. The break lower also maintains and extends the bearish price sequence of lower lows and lower highs. With moving average studies also pointing south, the focus shifts to 146.65 next, a Fibonacci projection. Key short-term resistance has been defined at 151.89, Oct 27 high. A break of this level is required to signal a potential short-term base. Initial resistance is at Friday's 149.69 high.

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