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(Z2) Heading South

BTP TECHS
  • RES 4: 119.06 High Sep 8 and a reversal trigger
  • RES 3: 117.63 High sep 14
  • RES 2: 117.05 High sep 22 and a key short-term support
  • RES 1: 114.67 Low Sep 20
  • PRICE: 112.37 @ 8:03 BST Sep 26
  • SUP 1: 112.22 1.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 2: 112.00 Round number support
  • SUP 3: 111.63 1.50 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 4: 111.05 1.618 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures remain bearish and the contract has started the week on a softer note as it extends the current bearish cycle. Last Tuesday’s move lower confirmed a resumption of the bear cycle - the contract traded through the early September lows. Moving averages are in a bear mode condition too, highlighting the current market sentiment. The focus is on weakness towards 111.63 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 117.05, the Sep 22 high.

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  • RES 4: 119.06 High Sep 8 and a reversal trigger
  • RES 3: 117.63 High sep 14
  • RES 2: 117.05 High sep 22 and a key short-term support
  • RES 1: 114.67 Low Sep 20
  • PRICE: 112.37 @ 8:03 BST Sep 26
  • SUP 1: 112.22 1.382 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 2: 112.00 Round number support
  • SUP 3: 111.63 1.50 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 4: 111.05 1.618 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures remain bearish and the contract has started the week on a softer note as it extends the current bearish cycle. Last Tuesday’s move lower confirmed a resumption of the bear cycle - the contract traded through the early September lows. Moving averages are in a bear mode condition too, highlighting the current market sentiment. The focus is on weakness towards 111.63 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 117.05, the Sep 22 high.