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(Z1) Trend Signals Remain Bearish

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: 151.81 20-day EMA
  • PRICE: 151.29 @ Close Oct 25
  • SUP 1: 150.38 Low Oct 22
  • 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 last week's move lower confirmed a resumption of the trend. A key short-term resistance has been defined at 152.54, Oct 14 high where a break is required to signal 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. 151.81 is resistance.

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