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(H2) Challenges The 20-Day EMA

BTP TECHS
  • RES 4: 143.59 50-day EMA
  • RES 3: 142.55 High Feb 4
  • RES 2: 141.14 High Jan 9
  • RES 1: 141.04 High Feb 24
  • PRICE: 139.101 @ Close Feb 23
  • SUP 1: 138.63/06 Low Feb 22 / 16 and the bear trigger
  • SUP 2: 137.52 Low May 18, 2020 (cont)
  • SUP 3: 136.86 Low May 13, 2020 (cont)
  • SUP 4: 136.46 2.0% 10-dma envelope

BTP futures remain in a downtrend, however, a short-term corrective cycle dominates following yesterday’s gains. Resistance at 140.33, Feb 18 high, was breached yesterday and this resulted in a print above the 20-day EMA at 140.87. This average represents a key short-term resistance level and a clear break would open 142.55, the Feb 4 high. On the downside, the bear trigger lies at 138.06, Feb 16 low.

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