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(Z3) Oversold But Remains In Bear-Mode

BTP TECHS
  • RES 4: 112.52 High Sep 20
  • RES 3: 111.81 20-day EMA
  • RES 2: 110.69 High Sep 26
  • RES 1: 109.54 High Sep 28
  • PRICE: 108.28 @ Close Sep 28
  • SUP 1: 108.08 Low Sep 28
  • 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)

A sharp sell-off in BTP futures Thursday reinforces bearish conditions and confirms a resumption of the current downtrend. The contract is in oversold territory, however, this does not appear to be a concern for bears and a reversal signal is required to signal a base. The Sep 28 ‘22 low of 108.13 has been pierced - a major support. A break would open 107.08, a Fibonacci projection on the continuation chart. Resistance is at 109.54 yesterday's high.

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