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(Z3) Bear Threat Remains Present

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.48/60 High Jul 19 / Jun 26 and key resistance (cont)
  • RES 2: 116.86 High Jul 24 (cont)
  • RES 1: 113.84/115.56 20-day EMA / High Aug 24 and a bull trigger
  • PRICE: 112.91 @ Close Sep 12
  • SUP 1: 112.60 Low Aug 17 and a key support
  • SUP 2: 112.00 Round number support
  • SUP 3: 111.38 2.618 proj of the Aug 24 - 28 - 31 price swing
  • SUP 4: 110.77 3.00 proj of the Aug 24 - 28 - 31 price swing

A bearish theme in BTP futures remains intact following last week’s move lower. The contract has cleared support at 113.97, the Aug 28 low and the continuation lower exposes 112.60, the Aug 17 low and a key support. Clearance of this level would strengthen bearish conditions. Short-term gains are considered corrective. Initial resistance is seen at 113.84, the 20-day EMA and key resistance is at 115.56, the Aug 24 high.

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