(Z3) Pierces Key Support

• 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: 109.83/111.17 20-day EMA / High Oct 12 and key resistance
• PRICE: 107.60 @ 08:08 Oct 19
• SUP 1: 107.42 Intraday low
• 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 sharply lower yesterday as the contract extends the reversal from 111.17, the Oct 12 high. The contract has also started today’s session on a bearish note, piercing key support at 107.62, the Oct 4 low. A clear break of this level would confirm a resumption of the long-term downtrend. 111.17 marks the key resistance. Clearance of this level is required to highlight a possible short-term reversal.