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(M1) Needle Still Points South

BTP TECHS
  • RES 4: 149.67 High Feb 23
  • RES 3: 149.50 High Feb 24
  • RES 2: 149.17 High Mar 3
  • RES 1: 148.48 High Mar 4
  • PRICE: 148.11 @ Close Mar 8
  • SUP 1: 147.56 Low Mar 5
  • SUP 2: 147.39 76.4% retracement of the Feb 26 - Mar 3 bounce
  • SUP 3: 146.84 Low Feb 26 and key support
  • SUP 4: 146.00 Round number support

BTP futures are unchanged but remain in a bear mode following the strong sell-off from 151.88, Feb 12 high. The recent corrective bounce stalled at 149.17, Mar 3 high and the subsequent sell-off signals scope for a retest of 146.84, Feb 26 low. A breach of this level would confirm a resumption of the downtrend. On the upside, clearance of resistance at 149.17 would instead signal scope for stronger bounce.

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