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(M2) Southbound

BTP TECHS
  • RES 4: 136.30 50-day EMA
  • RES 3: 136.12 High Apr 7
  • RES 2: 135.23 High Apr 14
  • RES 1: 132.61/133.53 20-day EMA / High Apr 28
  • PRICE: 128.51 @ Close May 4
  • SUP 1: 128.10 Low May 4
  • SUP 2: 128.08 2.00 proj of the Mar 31 - Feb 16 - Mar 1 price swing
  • SUP 3: 127.63 1.00 proj of the Mar 1 - 29 - 31 price swing
  • SUP 4: 125.88 2.236 proj of the Mar 31 - Feb 16 - Mar 1 price swing

The trend condition in BTP futures remains bearish - Wednesday’s move lower resulted in another 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 128.08 next, a Fibonacci projection. Firm short-term resistance has been defined at 133.53, the Apr 28 high.

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