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(Z1) Remains Vulnerable

BTP TECHS
  • RES 4: 155.68 High Aug 25
  • RES 3: 155.14 High Aug 31
  • RES 2: 154.64 High Sep 22 / 23 and key near-term resistance
  • RES 1: 153.62 20-day EMA
  • PRICE: 152.45 @ Close Sep 29
  • SUP 1: 151.62 Low Sep 29
  • SUP 2: 151.32 76.4% retracement of the Jun 25 - Aug 5 rally (cont)
  • SUP 3: 150.00 Round number support
  • SUP 4: 150.56 Low Jun 30 (cont)

BTP futures trend conditions remain bearish. A price sequence of lower lows and lower highs that highlights a bearish theme is intact and the recent move below 152.94, Sep 9 low, reinforced this condition. The contract traded lower again earlier this week. The focus is on 151.32 next, a Fibonacci retracement. Key near-term resistance is at 154.64, Sep 23 / 24 high. A break of this hurdle is required to ease bearish pressure.

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