(Z3) Sell-Off Exposes 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: 111.17 High Oct 12 and key short-term resistance
• PRICE: 107.86 @ Close Oct 18
• SUP 1: 107.62 Low Oct 4 and the 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)

BTP futures traded sharply lower yesterday as the contract extends the reversal from 111.17, the Oct 12 high. The move down this week undermines the recent bullish phase and instead exposes key support and the bear trigger at 107.62, the Oct 4 low. Clearance of this level would confirm a resumption of the long-term downtrend. 111.17 marks the key resistance. A break of this level is required to reinstate a short-term bullish theme.