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(Z3) Oversold But Remains In Bear-Mode

BTP TECHS
  • RES 4: 113.84 High Sep 14
  • RES 3: 112.52 High Sep 20
  • RES 2: 110.61 20-day EMA
  • RES 1: 110.52 High Sep 27
  • PRICE: 109.73 @ Close Sep 29
  • SUP 1: 108.08 Low Sep 28 and a 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)

A sharp sell-off in BTP futures last Thursday reinforces bearish conditions. However, the contract is in oversold territory and price has recovered from last week’s low. A move higher is considered corrective and would allow the oversold condition to unwind. On the downside, 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 110.52, the Sep 27 high.

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