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(Z2) Bear Cycle Remains Intact

BTP TECHS
  • RES 4: 116.71 High Oct 4 and key resistance
  • RES 3: 115.70 High Oct 5
  • RES 2: 113.41 High oct 6
  • RES 1: 112.25 High Oct 12
  • PRICE: 111.63 @ Close Oct 24
  • SUP 1: 108.82 Low Oct 21
  • SUP 2: 108.13 Low Sep 28 and key support
  • SUP 3: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 4: 106.68 2.618 proj of the Aug 25 - Sep 1 - 8 price swing

The BTP futures trend condition remains bearish and short-term gains are considered corrective. The reversal from 116.71, Oct 4 high, signals the end of the Sep 28 - Oct 4 corrective cycle. A resumption of weakness would open the key support and bear trigger at 108.13, Sep 28 low. Clearance of this level would confirm a resumption of the broader downtrend. 116.71 marks the key resistance.

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