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(M3) Bearish Threat

BTP TECHS
  • RES 4: 116.97 High Apr 6
  • RES 3: 116.17 76.4% retracement of the Mar 24 - Apr 24 downleg
  • RES 2: 115.48/89 High May 16 / 11
  • RES 1: 114.95 High May 18
  • PRICE: 113.87 @ Close May 22
  • SUP 1: 113.46 Low May 19
  • SUP 2: 112.93/89 Low Apr 24 / 61.8% of the Mar 2 - 24 rally
  • SUP 3: 111.88 76.4% retracement of the Mar 2 - 24 rally
  • SUP 4: 111.05 Low Mar 8

A bearish threat in BTP futures remains present. The contract traded sharply lower last Thursday and price moved below both the 20- and 50-day EMAs. Furthermore, support at 113.91, the May 10 low, has been breached. This signals scope for an extension lower towards key support at 112.93, the Apr 24 low. A breach of this level would strengthen bearish conditions. Key short-term resistance is at 115.89, the May 11 high.

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