BTP TECHS: (Z6) Bear Threat Still Present
Oct-23 07:12
* RES 4: 116.57 High Aug 13 * RES 3: 115.72 High Aug 26 and a key S/T resistance * RES 2: 114.58 Hig...
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BTP TECHS: (Z6) Approaching Resistance
Sep-23 07:02
- RES 4: 116.57 High Aug 13
- RES 3: 115.72 High Aug 26 and a key S/T resistance
- RES 2: 113.30 20-day EMA
- RES 1: 113.06 High Sep 22
- PRICE: 112.96 @ 07:46 BST Sep 23
- SUP 1: 111.52 2.236 proj of the Aug 13 - 20 - 26 price swing
- SUP 2: 111.02 2.500 proj of the Aug 13 - 20 - 26 price swing
- SUP 3: 110.80 2.618 proj of the Aug 13 - 20 - 26 price swing
- SUP 4: 110.00 Round number support
A bearish theme in BTP futures remains intact and a fresh cycle low last on Sep 15 reinforces current conditions. Note that moving average studies on the continuation chart are in a bear-mode position, highlighting a dominant downtrend. Sights are on 111.52 next, a Fibonacci projection point. Initial firm resistance is seen at 113.30, the 20-day EMA. The latest recovery is - for now - considered corrective.
