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(M2) Bearish Conditions Dominate

  • RES 4: 145.06 High Mar 8
  • RES 3: 143.85 High Mar 10
  • RES 2: 142.51 Low Mar 1
  • RES 1: 140.44 20-day EMA
  • PRICE: 138.10 @ Close Mar 25
  • SUP 1: 138.10 Low Mar 28
  • SUP 2: 137.52 Low May 18 2020 (cont)
  • SUP 3: 136.86 Low May 13 2020 (cont)
  • SUP 4: 136.13 61.8% retracement of the Mar ‘19 - Aug ‘21 bull cycle

BTP futures remain vulnerable and the trend remains bearish. The contract traded lower last week and cleared key support at 138.60, Feb 16 low and a bear trigger. The break confirms a resumption of the downtrend and highlights an extension of the broader bearish price sequence of lower lows and lower highs. The focus is on 137.52, the May 18 2020 low on the continuation chart. Firm resistance is seen at 140.21, the 20-day EMA.

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