BTP TECHS: (Z6) Approaching Resistance

* 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.