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(M3) Bear Threat Remains Present

BTP TECHS
  • RES 4: 118.56 High Jan 19 and a key resistance
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 117.17 High Mar 24 and the bull trigger
  • RES 1: 115.92/116.97 High Apr 12 / 6
  • PRICE: 114.54 @ Close Apr 13
  • SUP 1: 114.04 Low Mar 31 and a key support
  • SUP 2: 113.71 50.0% retracement of the Mar 2 - 24 rally
  • SUP 3: 113.22 Low Mar 15
  • SUP 4: 112.89 61.8% retracement of the Mar 2 - 24 rally

BTP futures failed to hold on to last week’s high of 116.97 on Apr 6. The contract traded lower Thursday and price is approaching 114.04, the Mar 31 low and a key short-term support. A break of this level would strengthen a bearish threat and expose 113.71, a Fibonacci retracement. On the upside, key resistance is unchanged at 117.17, the Mar 24 high, where a break is required to reinstate a bullish theme.

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