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(Z3) Holding 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: 109.95 @ 15:41 Oct 11
  • 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 last week and breached support at 108.08, the Sep 28 low. Nonetheless, prices have rallied sharply across the first two days of the week, narrowing the gap with the 20-day EMA - which marks first resistance. Short-term gains are considered corrective for now, but strength north of here 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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