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(M1) Trading Closer To Recent Highs

BTP TECHS
  • RES 4: 151.33 1.618 proj of the Feb 26 - Mar 3 - Mar 5 price swing
  • RES 3: 151.05 1.50 proj of the Feb 26 - Mar 3 - Mar 5 price swing
  • RES 2: 150.69 76.4% retracement of the Feb 12 - 26 sell-off
  • RES 1: 150.39 High Mar 11
  • PRICE: 149.51 @ Close Mar 12
  • SUP 1: 148.95 Low Mar 11
  • SUP 2: 148.05 Low Mar 9
  • SUP 3: 147.56 Low Mar 5
  • SUP 4: 146.84 Low Feb 26 and the bear trigger

BTP futures rallied sharply higher last week clearing a number of resistance levels. While gains since Feb 26 may still be a correction, the strong rally last week suggests scope for an extension higher. The focus is on 150.69, 76.4% retracement of the decline between Feb 12 - 26. A breach of this level would expose the key resistance and all time high at 151.88 from Feb 12. Firm support is at the Mar 11 low of 148.95.

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