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(Z2) Trend Needle Points South

  • 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: 112.50/116.71 20-day EMA / High Oct 4
  • PRICE: 109.78 @ Close Oct 14
  • 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

The BTP futures trend condition remains bearish and last week’s extension reinforces this condition. The reversal from 116.71, the Oct 4 high, signals the end of the corrective phase between Sep 28 - Oct 4. A continuation lower would open the key support and bear trigger at 108.13, the Sep 28 low. A break of this level would confirm a resumption of the broader downtrend. 116.71 marks the key resistance.

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