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(Z2) Trend Needle Still Points South

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: 119.47 High Aug 30
  • PRICE: 117.25 @ Close Sep 6
  • SUP 1: 116.37 Low Sep 1 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

Bearish conditions in BTP futures remain intact - last week's fresh lows reinforce the current bear cycle. Furthermore, a bearish price sequence of lower lows and lower highs remains intact as the contract continues its retracement of 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 119.47, Aug 30 high.

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