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(M2) Scope For A Stronger Corrective Bounce

BTP TECHS
  • RES 4: 135.23 High Apr 14
  • RES 3: 134.36 50-day EMA
  • RES 2: 133.53 High Apr 28
  • RES 1: 131.24 High May 12
  • PRICE: 129.68@ Close May 13
  • SUP 1: 127.24/125.54 Low May 11 / Low May 9 and the bear trigger
  • 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 the primary direction remains down. Over the short-term however, a corrective (bullish) cycle has been established and the contract has traded above a trendline resistance drawn from the Mar 1 high. Price has also breached its 20-day EMA. This signals scope for a move towards 133.53, Apr 28 high. Key support has been defined at 125.54, the May 9 low and bear trigger.

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