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(Z1) Resumes Its Downtrend

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 and key resistance / High Oct 1
  • RES 1: 151.89 High Oct 27
  • PRICE: 150.10 @ 14:28 BST Oct 28
  • SUP 1: 149.54 Intraday low
  • SUP 2: 148.90 1.00 proj of the Sep 23 - Oct 6 - 14 price swing
  • SUP 3: 148.77 61.8% retracement of the May - Aug rally (cont)
  • SUP 4: 148.04 1.236 proj of the Sep 23 - Oct 6 - 14 price swing

BTP futures have sold off sharply today. This has resulted in a break of 150.38, the Oct 22 low and also confirmed a resumption of the downtrend. The break lower maintains and extends the bearish price sequence of lower lows and lower highs. With moving average signals also pointing south, the focus shifts to 148.90, a Fibonacci projection. Key short-term resistance has been defined at 151.89, Oct 27 high.

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