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(Z2) Correction Extends

BTP TECHS
  • RES 4: 119.06 High Sep 8 and a key resistance
  • RES 3: 118.51 High Sep 13
  • RES 2: 117.05 High Sep 22
  • RES 1: 116.71 High Oct 4
  • PRICE: 115.41 @ Close Oct 4
  • SUP 1: 112.59/110.65 High Sep 30 / Low Sep 30
  • 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 trend conditions remain bearish, however, a short-term bull cycle has been established. This correction is allowing a recent oversold condition to unwind. The 20-day EMA has been cleared. The move higher signals scope for an extension above the 115.00 handle. This would open 117.05, the Sep 22 high. On the downside, key support has been established at 108.13, the Sep 28 low. A break would resume the primary downtrend.

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