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(Z2) Outlook Deteriorating

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: 111.98 @ 08.42 BST Oct 7
  • SUP 1: 110.65 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 deteriorated into the Thursday close, keeping the outlook bearish for now. The week’s early strength has fully reversed, with the recent oversold condition now fully unwound. The 20-day EMA returns as resistance while key support has been established at 108.13, the Sep 28 low. A break would resume the primary downtrend. Any return higher eyes 117.05, the Sep 22 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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