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(H2) Bull Cycle Still In Play

BTP TECHS
  • RES 4: 148.02 High Dec 29
  • RES 3: 147.39 High Jan 3
  • RES 2: 147.06 High Jan 31 and key near-term resistance
  • RES 1: 145.87 High Mar 1
  • PRICE: 143.29 @ Close Mar 3
  • SUP 1: 141.91 Low Mar 1
  • SUP 2: 138.63/06 Low Feb 22 / 16 and the bear trigger
  • SUP 3: 137.52 Low May 18, 2020 (cont)
  • SUP 4: 136.86 Low May 13, 2020 (cont)

The BTP futures short-term outlook remains bullish following Tuesday’s strong gains as the contract extended the retracement of the Jan 31 - Feb 16 downleg. Price has breached 144.94, 76.4% of the Jan 31 - Feb 16 downleg. This has opened 147.06 next, the Jan 31 high. A break of 147.06 would further strengthen the current bullish condition. Firm support is seen at Tuesday’s low of 141.91.

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