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(M2) Trend Conditions Remain Bearish

BTP TECHS
  • RES 4: 137.47 50-day EMA
  • RES 3: 136.12 High Apr 7
  • RES 2: 134.13/135.23 20-day EMA / High Apr 14
  • RES 1: 133.53 High Apr 28
  • PRICE: 130.82 @ Close Apr 28
  • SUP 1: 130.68 Low Apr 28
  • SUP 2: 130.24 0.764 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 130.00 Psychological round number
  • SUP 4: 127.63 1.00 proj of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures remains bearish and yesterday’s sell-off saw price trade to a fresh cycle. This confirms a continuation of the broader bearish price sequence of lower lows and lower highs, that defines a downtrend. Moving average studies are in a bear mode too. The focus is on the 130.00 handle next and a firm short-term resistance has been defined at yesterday’s high of 133.53.

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