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(H2) Still Trading Above Last Week’s High

BTP TECHS
  • RES 4: 144.31 50-day EMA
  • RES 3: 142.55 High Feb 4
  • RES 2: 141.54 20-Day EMA
  • RES 1: 141.14 High Jan 9
  • PRICE: 139.97 @ Close Feb 18
  • SUP 1: 138.06 Low Feb 16 and the bear trigger
  • SUP 2: 137.68 2.0% 10-dma envelope
  • SUP 3: 137.52 Low May 18, 2020 (cont)
  • SUP 4: 136.86 Low May 13, 2020 (cont)

The bias still points lower for BTP futures, despite strength posted across the second half of last week. Recent selling pressure confirmed a resumption of the underlying downtrend and maintains the bearish sequence of lower lows and lower highs. The focus is on 137.64, the May 18 2020 low on the continuation contract. On the upside, initial firm resistance is seen at the Feb 9 high of 141.14.

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