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(Z3) Downtrend Remains Intact

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: 115.56 High Aug 24 and a bull trigger
  • RES 1: 112.44/113.84 20-day EMA / High Sep 14 and key resistance
  • PRICE: 11018 @ Close Sep 26
  • SUP 1: 109.71 Low Sep 26
  • SUP 2: 109.18 4.00 proj of the Aug 24 - 28 - 31 price swing
  • SUP 3: 108.36 Low Dec 30 2022 (cont)
  • SUP 4: 108.13 Low Sep 28 ‘22 (cont) and major support

The Sep 15 sharp sell-off in BTP futures cancelled a recent bullish threat and the continuation lower this week confirms a resumption of the downtrend. The focus is on the 110.00 handle next, which has been pierced. A clear break would open 109.18, a Fibonacci projection. Key short-term resistance has been defined at 113.84, the Sep 14 high. A break would highlight a possible base. Initial firm resistance is at 112.44, the 20-day EMA.

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