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(M2) Bear Cycle Extension

BTP TECHS
  • RES 4: 142.51 Low Mar 1
  • RES 3: 140.71 High Mar 11
  • RES 2: 139.23 High Mar 23
  • RES 1: 138.68 High Mar 31 and key near-term resistance
  • PRICE: 134.84 @ Close Apr 7
  • SUP 1: 134.38 Low Apr 7
  • SUP 2: 134.00 Round number support
  • SUP 3: 132.61 Low Apr 22 2020 (cont)
  • SUP 4: 131.50 76.4% retracement of the Mar ‘20 - Aug ‘21 rally (cont)

BTP futures traded lower again Thursday to extend this week’s breach of support at 135.69, the Mar 29 low. The move lower, confirms a resumption of the primary downtrend, and highlights a continuation of the broader bearish price sequence of lower lows and lower highs. The focus is on the 134.00 handle next. Firm resistance is seen at 138.68, the Mar 31 high, where a break is required to signal a short-term reversal.

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