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(M2) Heading South

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: 138.77 20-day EMA
  • PRICE: 135.96 @ Close Apr 5
  • SUP 1: 135.69 Low Mar 29 and the bear trigger
  • 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 traded lower Tuesday signalling the end of the recent corrective cycle. The trend remains down. The move lower last week marked an extension of the breach of support at 138.60, Feb 16 low, and confirmed a resumption of the downtrend. It also 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 138.77.

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