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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: 112.64 @ 07:46 BST Sep 13
  • SUP 1: 112.37 Intraday low
  • 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 exposed 112.60, the Aug 17 low and a key support.This level has been pierced today, a clear break would strengthen bearish conditions and open 112.00. 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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