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(M2) Approaching Support

BTP TECHS
  • RES 4: 149.22 High Dec 22 2021 (cont)
  • RES 3: 147.93 High Jan 31 and key near-term resistance
  • RES 2: 146.74 High Mar 1
  • RES 1: 145.06 High Mar 8
  • PRICE: 142.91 @ Close Mar 9
  • SUP 1: 142.51 Low Mar 1 and a key near-term support
  • SUP 2: 141.71 61.8% retracement of the Feb 16 - Mar 1 rally
  • SUP 3: 140.52 76.4% retracement of the Feb 16 - Mar 1 rally
  • SUP 4: 138.60 Low Feb 16 and the bear trigger

BTP futures remain below recent highs. The short-term outlook still appears bullish following strong gains on Mar 3 as the contract extended the retracement of the Jan 31 - Feb 16 downleg. Price has breached 145.73, 76.4% of the Jan 31 - Feb 16 downleg. This has opened 147.93 next, the Jan 31 high. Firm support is seen at 142.51, the Mar 3 low. A break of this level would signal scope for a deeper pullback.

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