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(Z3) Southbound

BTP TECHS
  • RES 4: 117.48/60 High Jul 19 / Jun 26 and key resistance (cont)
  • RES 3: 116.86 High Jul 24 (cont)
  • RES 2: 115.56 High Aug 24 and a bull trigger
  • RES 1: 112.668/113.84 20-day EMA / High Sep 14 and key resistance
  • PRICE: 110.67 @ Close Sep 25
  • SUP 1: 110.39 Low Sep 25
  • SUP 2: 110.00 Round number support
  • SUP 3: 109.18 4.00 proj of the Aug 24 - 28 - 31 price swing
  • SUP 4: 108.36 Low Dec 30 2022 (cont)

The Sep 15 sharp sell-off in BTP futures cancelled a recent bullish threat and the continuation lower confirms a resumption of the downtrend. Monday’s bearish start to this week’s session reinforces this theme too. The focus is on the 110.00 handle next. Key short-term resistance has been defined at 113.84, the Sep 14 high. A break would highlight a possible base. Initial firm resistance is at 112.68, the 20-day EMA.

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