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Corrective Bounce

  • RES 4: 152.62 76.4% retracement of the Feb 12 - 26 sell-off
  • RES 3: 151.98 High Feb 22
  • RES 2: 151.30 50- and 20-day EMA zone
  • RES 1: 151.07 High Mar 1
  • PRICE: 150.92 @ Close Mar 1
  • SUP 1: 149.96 High Mar 1
  • SUP 2: 148.72 Low Feb 26 and the bear trigger
  • SUP 3: 148.37 Low Oct 22 and key support
  • SUP 4: 148.13 200-dma (cont)

BTP futures remain in a bear mode following last week's strong sell-off however, from a short-term perspective the contract has entered a bullish corrective phase. The recent sell-off saw price clear support at 149.57, Jan 22 low adding further weight to a bearish theme. Key near-term support has been defined at 148.72, Feb 26 low. A break would open the 148.00 handle. On the upside, resistance is seen at 151.30 zone, the 50- and 20-day EMAs.

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