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(Z3) Breaches Key Support

BTP TECHS
  • RES 4: 117.48/60 High Jul 19 / Jun 26 and key resistance (cont)
  • RES 3: 116.86 High Jul 24 (cont)
  • RES 2: 113.70/115.56 20-day EMA / High Aug 24 and a bull trigger
  • RES 1: 112.76 High Sep 13
  • PRICE: 112.40 @ Close Sep 14
  • SUP 1: 111.97 Low Sep 13
  • SUP 2: 111.38 2.618 proj of the Aug 24 - 28 - 31 price swing
  • SUP 3: 110.77 3.00 proj of the Aug 24 - 28 - 31 price swing
  • SUP 4: 110.00 Round number support

A bearish theme in BTP futures remains intact following last week’s move lower and yesterday’s sell-off reinforces this theme. The contract has cleared support at 113.97, the Aug 28 low, and yesterday breached 112.60, the Aug 17 low. The break strengthens bearish conditions and opens 111.38, a Fibonacci projection. Initial firm resistance is seen at 113.70, the 20-day EMA and key resistance is at 115.56, the Aug 24 high.

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