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(M2) Remains Soft

BTP TECHS
  • RES 4: 136.12 High Apr 7
  • RES 3: 135.23 High Apr 14 and the 50-day EMA
  • RES 2: 131.12/133.53 20-day EMA / High Apr 28
  • RES 1: 130.03 High Jun 5
  • PRICE: 126.49 @ Close May 9
  • SUP 1: 125.54 Low May 9
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures is unchanged and remains bearish - another round of weakness Monday resulted in a fresh cycle low print. This maintains the broader bearish price sequence of lower lows and lower highs that defines a downtrend. Moving average studies are in a bear mode too and the focus is on 125.02 next, a Fibonacci projection. Firm short-term resistance has been defined at 133.53, the Apr 28 high.

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