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(M2) Resumes Its Downtrend

BTP TECHS
  • RES 4: 142.51 Low Mar 1
  • RES 3: 140.71 High Mar 11
  • RES 2: 139.23 High Mar 23
  • RES 1: 138.68 High Mar 31 and key near-term resistance
  • PRICE: 134.95 @ Close Apr 6
  • SUP 1: 134.56 Low Apr 6
  • SUP 2: 134.00 Round number support
  • SUP 3: 132.61 Low Apr 22 2020 (cont)
  • SUP 4: 131.50 76.4% retracement of the Mar ‘20 - Aug ‘21 rally (cont)

BTP futures traded lower Wednesday confirming the end of the recent corrective cycle and marking a resumption of the primary downtrend. The move lower, also marks an extension of the breach of support at 138.60, Feb 16 low, and highlights a continuation of the broader bearish price sequence of lower lows and lower highs. The focus is on the 134.00 handle. Firm resistance is seen at 138.68, the Mar 31 high.

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