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(M2) Bearish Focus

BTP TECHS
  • RES 4: 139.23 High Mar 23
  • RES 3: 138.68 High Mar 31 and key resistance
  • RES 2: 137.74 High Apr 5
  • RES 1: 134.87/135.23 20-day EMA / High Apr 14
  • PRICE: 132.31 @ Close Apr 25
  • SUP 1: 131.30 Low Apr 22
  • SUP 2: 131.00 Round number support
  • SUP 3: 130.24 0.764 proj of the Mar 1 - 29 - 31 price swing
  • SUP 4: 130.00 Psychological round number

BTP futures remain near recent lows. Fresh cycle lows last week confirmed a continuation of the broader bearish price sequence of lower lows and lower highs - the definition of a downtrend. Moving average studies remain in a bear mode too. The focus is on the 130.00 handle next. Firm trend resistance is unchanged at 138.68, the Mar 31 high. The 20-day EMA, at 134.87, marks initial resistance

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