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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: 117.51/119.06 20-day EMA / High Sep 8 and key resistance
  • PRICE: 115.10 @ Close Sep 22
  • SUP 1: 114.67 Low Sep 22
  • SUP 2: 113.78 Low Jun 14 and key support
  • SUP 3: 112.94 1.236 proj of the Aug 25 - Sep 1 - 8 price swing
  • SUP 4: 112.22 1.382 proj of the Aug 25 - Sep 1 - 8 price swing

BTP futures remain bearish and Tuesday’s move lower confirmed a resumption of the bear cycle. The contract has traded through recent lows and the break maintains the bearish price sequence of lower lows and lower highs. The focus is on the major support at 113.78, the Jun 14 low (cont). Clearance of this level would strengthen the broader bearish theme. On the upside, initial firm resistance is seen at 119.06, the Sep 8 high.

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