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(Z2) Consolidation Marks A Pause In The Downtrend

BTP TECHS
  • RES 4: 122.59 High Aug 19
  • RES 3: 121.32 High Aug 25
  • RES 2: 120.00 Round number resistance
  • RES 1: 119.06 High Sep 8
  • PRICE: 116.80 @ Close Sep 15
  • SUP 1: 115.60 Low Sep 9 and the bear trigger
  • SUP 2: 115.00 Round number support
  • SUP 3: 113.78 Low Jun 14 and key support
  • SUP 4: 111.62 1.236 proj of the Aug 25 - Sep 1 - 5 price swing

BTP futures are consolidating. The trend remains down and short-term gains are considered corrective. A bearish price sequence of lower lows and lower highs highlights the current bearish theme as the contract continues to retrace the mid-June - early August rally. The focus is on the 115.00 handle next ahead of the major support at 113.78, Jun 14 low (cont). On the upside, initial resistance is seen at 119.06, the Sep 8 high.

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