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(M1) Unwinding A Recent Oversold Condition

BTP TECHS
  • RES 4: 148.65 High Apr 22
  • RES 3: 147.79 High May 4 and key near-term resistance
  • RES 2: 147.44 50-day EMA
  • RES 1: 146.90/147.44 High May 25
  • PRICE: 146.75 @ Close May 25
  • 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 last week's extension lower that resulted in a fresh 2021 low of 144.48 on Mar 19. However, prices are recovering. This is part of a correction that is allowing the recent oversold condition to unwind. The break of the 20-day EMA exposes the 50-day EMA at 147.41. This average highlights a firm resistance area. On the downside key support and the bear trigger is at 144.48, May 17 low.

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