(Z3) Watching Resistance Around The 20-Day EMA

• 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
• PRICE: 109.79 @ Close Oct 16
• SUP 1: 108.95/107.62 Low Oct 10 / 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)

Despite the latest pullback, BTP futures are still trading closer to their recent highs and are holding on to the bulk of the gains posted across last week. Short-term gains are considered corrective for now, but continued strength north of the 20-day EMA at 110.18, would prove constructive for bulls. To resume the downtrend, prices need to slip below 107.62, the Oct 4 low and bear trigger.