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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: 116.71 High Oct 4 and key resistance
  • RES 1: 111.89/113.41 20-day EMA / High Oct 6
  • PRICE: 110.50 @ Close Oct 20
  • SUP 1: 108.85 Low Oct 11
  • 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

BTP futures remain in consolidation mode. The trend condition remains bearish. The reversal from 116.71, Oct 4 high, signals the end of the Sep 28 - Oct 4 corrective phase. A continuation lower would open the key support and bear trigger at 108.13, the Sep 28 low. Clearance of this level would confirm a resumption of the broader downtrend and maintain the bearish price sequence of lower lows and lower highs. 116.71 marks the key resistance.

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