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(M1) Corrective Cycle Still In Play

BTP TECHS
  • RES 4: 148.65 High Apr 22
  • RES 3: 148.10 61.8% retracement of the Mar 29 - May 19 sell-off
  • RES 2: 147.79 High May 4 and key near-term resistance
  • RES 1: 147.39/41 50-day EMA / High May 27
  • PRICE: 147.04 @ Close May 27
  • SUP 1: 145.64 Low May 21
  • SUP 2: 144.48 Low May 17 and the bear trigger
  • SUP 3: 144.16 1.236 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 4: 143.61 Low Jul 13, 2020 (cont)

BTP futures remain in a clear downtrend following the recent extension lower to 144.48 on Mar 19. However, this week prices have recovered and a corrective cycle is in play, allowing a recent oversold condition to unwind. The break of the 20-day EMA exposes the 50-day EMA at 147.39 that was tested yesterday. This average represents a firm resistance and a clear break would signal scope for further gains. On the downside, initial support is at 145.64.

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