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(Z3) Watching Resistance

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: 114.01 High Sep 8
  • PRICE: 113.57 @ Close Sep 14
  • SUP 1: 111.97 Low Sep 13 and the bear trigger
  • SUP 2: 111.38 2.618 proj of the Aug 24 - 28 - 31 price swing
  • SUP 3: 110.77 3.00 proj of the Aug 24 - 28 - 31 price swing
  • SUP 4: 110.00 Round number support

A strong reversal higher yesterday in BTP futures highlights a possible short-term reversal and key support has been defined at 111.97, Wednesday’s low. An extension would expose resistance at 114.01, the Sep 8 high, and clearance of this level would strengthen a bullish theme. Key resistance is far-off at 115.56, the Aug 24 high. For bears, a break of 111.97 is required to reinstate the recent downtrend.

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