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(M1) Bearish Extension

  • RES 4: 147.79 High May 4 and key near-term resistance
  • RES 3: 147.33 High May 7
  • RES 2: 146.84 Low Feb 26 and recent breakout level
  • RES 1: 145.96 High May 13
  • PRICE: 144 99 @ Close May 17
  • SUP 1: 144.66 Low May 17
  • SUP 2: 144.16 1.236 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 3: 144.00 Round number support
  • SUP 4: 143.46 2.0% 10-dma envelope

BTP futures remain in a clear downtrend following last week's extension lower. The contract started this week on a soft note trading once again to a fresh 2021 low of 144.66. The recent break of support at 146.84, Feb 26 low confirmed a resumption of the broader bear cycle that started Feb 12. Furthermore, MA studies are in a bear mode reinforcing current conditions. Attention is on 144.16, a Fibonacci projection. Initial firm resistance is 146.84.

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