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(H4) Gains Considered Corrective

BTP TECHS
  • RES 4: 121.43 High 27 and a key resistance
  • RES 3: 120.40 High Dec 29
  • RES 2: 119.77 High Jan 4
  • RES 1: 119.27 High Jan 30 and key near-term resistance
  • PRICE: 117.45 @ Close Feb 27
  • SUP 1: 116.50 Low Feb 22
  • SUP 2: 115.70 Low Dec 8
  • SUP 3: 114.10 50.0% retracement of the Oct 19 - Dec 27 bull cycle
  • SUP 4: 113.31 Low Nov 28

The trend condition in BTP futures remains bearish and recent gains appear to be a correction. Key support at 116.98, the Jan 25 low, has recently been cleared. The break signals a resumption of the bear cycle and sights are on 115.70, the Dec 8 low. Firm resistance has been defined at 119.27, the Jan 30 high. Clearance of this level could signal scope for a stronger recovery instead.

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