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(M2) Bearish Trend Conditions

BTP TECHS
  • RES 4: 143.85 High Mar 10
  • RES 3: 142.51 Low Mar 1
  • RES 2: 140.71 High Mar 11
  • RES 1: 138.05/139.46 High Mar 28 / 20-day EMA
  • PRICE: 137.13 @ Close Mar 30
  • SUP 1: 135.69 Low Mar 29
  • SUP 2: 135.43 Low May 7 2020 (cont)
  • SUP 3: 134.61 Low Apr 24 2020 (cont)
  • SUP 4: 134.00 Round number support

BTP futures remain vulnerable and the trend is down - futures traded to a fresh cycle low again Tuesday. The move lower marks an extension of last week’s break lower, through support at 138.60, Feb 16 low. This confirmed a resumption of the downtrend and highlights a continuation of the broader bearish price sequence of lower lows and lower highs. The focus is on 135.43, May 7 2020 low (cont). Firm resistance is seen at 139.46.

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