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(M1) Downtrend Remains Intact

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: 146.99 @ Close May 10
  • 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 found support yesterday. The outlook remains bearish though following last week's move lower and break of support at this year's low of 146.84 from Feb 26. The break confirms a resumption of the downtrend that has been in place since Feb 12 and opens 146.00 next ahead of 145.35, a Fibonacci projection. MA studies are in a bear mode reinforcing the current theme. On the upside, key short-term resistance is at 147.79, May 4 high.

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