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(M2) Probes Key Support

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: 141.12/43.85 20-day EMA / High Mar 10
  • PRICE: 139.13 @ Close Mar 21
  • SUP 1: 138.60/52 Low Feb 16 and the bear trigger / Monday’s low
  • SUP 2: 138.00 Round number support
  • SUP 3: 137.52 Low May 18 2020 (cont)
  • SUP 4: 136.86 Low May 13 2020 (cont)

BTP futures remain vulnerable. The contract traded lower Monday and in the process, probed key support at 138.60, the Feb 16 low and the bear trigger. A clear break of this level would confirm a resumption of the downtrend and highlight an extension of the broader bearish price sequence of lower lows and lower highs. This would open 138.00. Resistance is seen at 141.12, the 20-day EMA.

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