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(M1) Bounce Likely A Correction

BTP TECHS
  • 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: 146.40 20-day EMA
  • PRICE: 145 95 @ Close May 22
  • SUP 1: 144.48 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: 143.61 Low Jul 13, 2020 (cont)

BTP futures remain in a clear downtrend following last week's extension lower that resulted in a fresh 2021 low of 144.48 on Mar 19. The subsequent bounce is considered corrective. The recent break of 146.84, Feb 26 low confirmed a resumption of the bear cycle from Feb 12. Moving average studies are in a bear mode too, reinforcing current conditions. Attention is on 144.16, a Fibonacci projection. Firm resistance is 146.84.

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