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(M2) Key Support Appears Exposed

BTP TECHS
  • RES 4: 147.93 High Jan 31 and key near-term resistance
  • RES 3: 146.74 High Mar 1
  • RES 2: 145.06 High Mar 8
  • RES 1: 142.26/43.85 20-day EMA / High Mar 10
  • PRICE: 140.24 @ Close Mar 11
  • SUP 1: 139.67 Low Mar 10/11
  • SUP 2: 138.99 Low Feb 22
  • SUP 3: 138.60 Low Feb 16 and the bear trigger
  • SUP 4: 138.00 Round number support

BTP futures traded sharply lower Thursday. The break of support at 142.51, Mar 1 low, signalled an important intraday breach that led to a move below 140.52, the 76.4% retracement of the Feb 16 - Mar 1 rally. This suggests scope for a continuation lower and has exposed the key support at 138.60, Feb 16 low and the bear trigger. Initial resistance is seen at 143.85, Mar 10 high, where a break is required to ease the developing bearish threat.

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