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(H2) Extends Retracement Of The Recent Bear Cycle

BTP TECHS
  • RES 4: 147.06 High Jan 31
  • RES 3: 146.16 High Feb 1
  • RES 2: 144.94 76.4% retracement of the Jan 31 - Feb 16 downleg
  • RES 1: 144.24 Intraday high
  • PRICE: 143.88 @ 13:13 GMT Mar 1
  • SUP 1: 141.91 Intraday low
  • 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)

BTP futures have continued to climb today as the contract extends the retracement of the most recent Jan 31 - Feb 16 downleg. Price has breached the 61.8% retracement of this bear cycle and the focus turns to 144.94, the 76.4% level. On the downside, today’s intraday low of 141.91 marks initial support ahead of the firmer 138.63 level, the Feb 22 low. The primary support though is 138.06, the Feb 16 low.

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