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(Z3) Trades Through A Key Support

BTP TECHS
  • RES 4: 113.84 High Sep 14
  • RES 3: 112.52 High Sep 20
  • RES 2: 110.86 20-day EMA
  • RES 1: 109.98 High Sep 29
  • PRICE: 108.38 @ Close Oct 4
  • SUP 1: 107.62 Low Oct 4
  • 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 have traded lower this week and yesterday, price breached support at 108.08, the Sep 28 low. This confirms a clear break of the Sep 28 ‘22 low of 108.13 - a major support. The move lower reinforces bearish conditions and opens 107.08 next, a Fibonacci projection on the continuation chart. On the upside, resistance is at 109.98, the Sep 29 high. Short-term gains would be considered corrective.

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