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(M2) Watching Key Support

BTP TECHS
  • RES 4: 135.23 High Apr 14
  • RES 3: 133.53 High Apr 28
  • RES 2: 132.16 50-day EMA
  • RES 1: 130.09/131.24 High May 26 / High May 12 and the bull trigger
  • PRICE: 126.87 @ Close May 31
  • SUP 1: 125.54 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 primary trend condition in BTP futures remains bearish. The contract traded lower yesterday and in the process breached support at 127.24, May 11 low. The move lower marks an extension of the pullback from the May 12 high of 131.24. A continuation lower would expose the key support and bear trigger at 126.54, May 9 low. A break of this level would confirm a resumption of the primary downtrend. Initial firm resistance is at 130.09, May 26 high.

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