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(M1) Bearish Risk Still Present

BTP TECHS
  • RES 4: 150.39 High Mar 11 and key short-term resistance
  • RES 3: 149.88 High Apr 6
  • RES 2: 149.47 High Apr 8
  • RES 1: 148.92 20-day EMA
  • PRICE: 148.57 @ Close Apr 15
  • SUP 1: 147.69/68 Low Apr 14 / 76.4% of the Feb 26 - Mar 11 rally
  • SUP 2: 147.56 Low Mar 5
  • SUP 3: 146.84 Low Feb 26 and the bear trigger
  • SUP 4: 1456.16 Low Sep 21, 2020

BTP futures traded lower Wednesday and despite yesterday's gains, remains bearish. The break of support at 148.36, Mar 18 low reinforces a bearish theme and paves the way for weakness towards 147.56, Mar 5 low. Clearance of this level would expose the key support and bear trigger at 146.84, Feb 26 low. On the upside, initial resistance is seen at 148.95, the 20-day EMA ahead of 149.47, Apr 8 high.

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