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(Z3) Holding On To The Bulk Of Its Recent Gains

BTP TECHS
  • RES 4: 113.69 76.4% retracement of the Aug 24 - Oct 4 bear leg
  • RES 3: 112.53 61.8% retracement of the Aug 24 - Oct 4 bear leg
  • RES 2: 111.59 50.0% retracement of the Aug 24 - Oct 4 bear leg
  • RES 1: 111.17 High Oct 12
  • PRICE: 109.76 @ Close Oct 13
  • SUP 1: 108.95/107.62 Low Oct 10 / 4 and the bear trigger
  • 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, the contract is still trading closer to its recent highs and holds the bulk of the gains posted across last week. Short-term gains are considered corrective for now, but continued strength north of the 20-day EMA at 110.22, would prove constructive for bulls. To resume the downtrend, prices need to slip below 107.62, the Oct 4 low and bear trigger.

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