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(M1) Bearish Focus

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: 148.83 @ Close Mar 18
  • SUP 1: 148.36 Low Mar 10
  • SUP 2: 148.20 61.8% retracement of the Feb 26 - Mar 11 rally
  • SUP 3: 147.56 Low Mar 5
  • SUP 4: 146.84 Low Feb 26 and the bear trigger

BTP futures traded lower yesterday. This week's sell-off appears to be an early indication that the recent corrective rally between Feb 26 - Mar 11 has run its course. Resistance has been defined at 150.39, Mar 11 high and note that the pivotal 150.69 level also remains intact, 76.4% of the Feb 12 - 26 sell-off. Continued weakness would open 147.56, the Mar 5 low. For bulls, a break of 150.39 is required to reinstate a bullish focus.

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