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(M2) Heading South

  • RES 4: 145.06 High Mar 8
  • RES 3: 143.85 High Mar 10
  • RES 2: 140.71/42.51 High Mar 11 / Low Mar 1
  • RES 1: 139.97 20-day EMA
  • PRICE: 137.65 @ Close Mar 28
  • SUP 1: 136.83 Low Mar 28
  • SUP 2: 136.13 61.8% retracement of the Mar ‘19 - Aug ‘21 bull cycle
  • SUP 3: 135.43 Low May 7 2020 (cont)
  • SUP 4: 134.61 Low Apr 24 2020 (cont)

BTP futures remain vulnerable and the trend remains bearish - futures traded to a fresh cycle low Monday. The move lower marks an extension of last week’s break lower, through support at 138.60, Feb 16 low. This 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 136.13, a Fibonacci retracement. Firm resistance is seen at 139.97.

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