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(Z2) Bearish Outlook

BTP TECHS
  • RES 4: 118.51 High Sep 13
  • RES 3: 117.05 High Sep 22
  • RES 2: 115.15 20-day EMA
  • RES 1: 113.46/114.67 High Sep 26 / Low Sep 20
  • PRICE: 110.83 @ Close Sep 29
  • SUP 1: 107.99 2.236 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 2: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 3: 107.00 round number support
  • SUP 4: 106.68 2.618 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures trend conditions remain bearish. Fresh trend lows this week have confirmed a resumption of the bear cycle. Moving averages are in a bear mode condition too, highlighting the current market sentiment. A resumption of weakness would open 107.27, a Fibonacci projection. On the upside, initial firm resistance is seen at 115.15, the 20-day EMA. Gains would be considered corrective.

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  • RES 4: 118.51 High Sep 13
  • RES 3: 117.05 High Sep 22
  • RES 2: 115.15 20-day EMA
  • RES 1: 113.46/114.67 High Sep 26 / Low Sep 20
  • PRICE: 110.83 @ Close Sep 29
  • SUP 1: 107.99 2.236 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 2: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 3: 107.00 round number support
  • SUP 4: 106.68 2.618 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures trend conditions remain bearish. Fresh trend lows this week have confirmed a resumption of the bear cycle. Moving averages are in a bear mode condition too, highlighting the current market sentiment. A resumption of weakness would open 107.27, a Fibonacci projection. On the upside, initial firm resistance is seen at 115.15, the 20-day EMA. Gains would be considered corrective.