(Z1) Remains Below Resistance

• RES 4: 154.64 High Sep 22 / 23
• RES 3: 153.59 High Sep 24
• RES 2: 152.54/87 High Oct 14 and key resistance / High Oct 1
• RES 1: 151.99 High Oct 19
• PRICE: 151.74 @ Close Oct 27
• SUP 1: 150.38 Low Oct 22 and the bear trigger
• SUP 2: 150.00/149.97 Round number support / Low Jun 25
• SUP 3: 149.76 0.764 proj of the Sep 23 - Oct 6 - 14 price swing
• SUP 4: 148.77 61.8% retracement of the May - Aug rally (cont)

BTP futures outlook remains bearish and short-term gains are considered corrective. A key resistance has been defined at 152.54, Oct 14 high where a break is required to suggest a short-term base. With trend signals such as momentum and moving average studies still pointing south, a resumption of weakness would open the 150.00 handle next. A break of this level is also seen likely further out. 151.99 is the initial resistance.