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(H2) Watching Resistance

BTP TECHS
  • RES 4: 143.72 50-day EMA
  • RES 3: 142.55 High Feb 4
  • RES 2: 140.91/14 20-day EMA / High Jan 9
  • RES 1: 140.33 High Feb 18
  • PRICE: 139.101 @ Close Feb 23
  • SUP 1: 138.06 Low Feb 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: 136.52 2.0% 10-dma envelope

BTP futures remain in a downtrend and recent gains are considered corrective. However from a short-term perspective, it is possible that a stronger corrective bounce will result in an extension higher. Resistance to watch is at 140.33, Feb 18 high where a break would expose the 20-day EMA at 140.91. This average represents a key resistance level. On the downside, the bear trigger lies at 138.06, Feb 16 low.

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