(Z3) Resistance Remains Intact

• 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: 110.00/111.17 High Oct 24 / 12 and key resistance
• PRICE: 109.54 @ Close Oct 27
• SUP 1: 107.42 Low Oct 19
• 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 to a fresh cycle low on Oct 19 as the contract extended the reversal from 111.17, the Oct 12 high. This resulted in a print below key support at 107.62, the Oct 4 low. A clear breach of this level would confirm a resumption of the long-term downtrend and open 107.08, a Fibonacci projection. 111.17 marks the key resistance. A break is required to highlight a possible short-term reversal. Short-term gains are considered corrective.