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(M1) Attention Turns To Resistance

BTP TECHS
  • RES 4: 151.33 1.618 proj of the Feb 26 - Mar 3 - Mar 5 price swing
  • RES 3: 151.05 1.50 proj of the Feb 26 - Mar 3 - Mar 5 price swing
  • RES 2: 150.69 76.4% retracement of the Feb 12 - 26 sell-off
  • RES 1: 150.01/39 High Mar 16 / High Mar 11
  • PRICE: 149.94 @ Close Mar 23
  • SUP 1: 148.97 Low Mar 22
  • SUP 2: 148.36 Low Mar 18
  • SUP 3: 148.20 61.8% retracement of the Feb 26 - Mar 11 rally
  • SUP 4: 147.56 Low Mar 5

BTP futures traded higher again yesterday as the recovery 148.36, Mar 18 low extends. Resistance is at 150.39, Mar 11 high with a pivotal level at 150.69, 76.4% of the Feb 12 - 26 sell-off. The recent focus has been on the likelihood of a bearish theme and while resistance remains intact, the S/T risk still appears skewed to the downside. A breach of 148.36 would reinforce this theme. On the upside, clearance of 150.39 would be bullish.

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