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(Z3) Holding Bulk of Gains

BTP TECHS
  • RES 4: 113.84 High Sep 14
  • RES 3: 112.52 High Sep 20
  • RES 2: 110.81 High Oct 11
  • RES 1: 110.66 20-day EMA
  • PRICE: 109.83 @ 16:52 Oct 12
  • SUP 1: 107.62 Low Oct 4
  • SUP 2: 107.08 2.236 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
  • SUP 3: 106.40 2.382 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
  • SUP 4: 105.85 2.50 proj of the Jun 26 - Jul 11 - 19 price swing (cont)

BTP futures traded lower Thursday, however hold the bulk of the gains posted across the week. Short-term gains are considered corrective for now, but strength north of the 20-day EMA at 110.66 would prove constructive for the outlook. To resume the downtrend, prices need to slip back below 107.08, a Fibonacci projection on the continuation chart.

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