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(M1) Clears Key Support

BTP TECHS
  • RES 4: 149.47 High Apr 8
  • RES 3: 148.85 High Apr 15
  • RES 2: 148.65 High Apr 22
  • RES 1: 147.79 High May 4 and key near-term resistance
  • PRICE: 146.68 @ Close May 7
  • SUP 1: 146.33 Low May 7
  • SUP 2: 146.00 Round number support
  • SUP 3: 145.35 0.764 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 4: 144.96 Low Sep 9, 2020 (cont)

BTP futures sold off sharply Friday, breaking key support and this year's low of 146.84, Feb 26 low The clear breach of this level confirms a resumption of the downtrend that has been in place since Feb 12. The move lower opens 146.00 next ahead of 145.35, a Fibonacci projection. Moving average studies are in a bear mode and this reinforces the current theme. On the upside, key short-term resistance has been defined at 147.79, May 4 high.

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