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(Z3) Key Support Remains Exposed

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.48/60 High Jul 19 / Jun 26 and key resistance (cont)
  • RES 2: 116.86 High Jul 24 (cont)
  • RES 1: 114.10/115.56 20-day EMA / High Aug 24 and a bull trigger
  • PRICE: 113.33 @ Close Sep 7
  • SUP 1: 112.60 Low Aug 17 and a key support
  • SUP 2: 112.00 Round number support
  • SUP 3: 111.38 2.618 proj of the Aug 24 - 28 - 31 price swing
  • SUP 4: 110.77 3.00 proj of the Aug 24 - 28 - 31 price swing

BTP futures have traded lower this week and a bearish theme remains intact. The contract has cleared support at 113.97, the Aug 28 low and the continuation lower exposes 112.60, the Aug 17 low and a key support. Clearance of this level would strengthen bearish conditions. Initial resistance is seen at 114.10, the 20-day EMA. Key resistance is at 115.56, the Aug 24 high where a break is required to reinstate a bullish theme.

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