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(M1) Corrective Bounce

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: 148.65 20-day EMA and Apr 22 high
  • PRICE: 148.35 @ Close Apr 22
  • SUP 1: 147.54 Low Apr 20
  • SUP 2: 146.84 Low Feb 26 and the bear trigger
  • SUP 3: 146.16 Low Sep 21, 2020 (cont)
  • SUP 4: 145.56 Low Sep 15, 2020 (cont)

BTP futures maintain a bearish tone despite recent gains. The break on Mar 13 of support at 148.36, Mar 18 low reinforces a bearish theme paving the way for weakness towards 147.56, Mar 5 low. This level was probed Tuesday and a clear break would expose the key support and bear trigger at 146.84, Feb 26 low. MA studies are in a bear mode reinforcing a bearish theme. Initial resistance is seen at 148.65, the 20-day EMA ahead of 149.47, Apr 8 high.

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