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(M3) Bounce Extends

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: 115.89 High May 11 and a key short-term resistance
  • RES 1: 115.45 High May 30
  • PRICE: 115.24 @ Close May 30
  • SUP 1: 114.06/112.60 Low May 30 / 26 and the bear trigger
  • SUP 2: 111.88 76.4% retracement of the Mar 2 - 24 rally
  • SUP 3: 111.05 Low Mar 8
  • SUP 4: 110.79 Low Mar 7

BTP futures traded higher again Tuesday. The contract is through the 20- and 50-day EMAs and this strengthens current short-term bullish conditions. A continuation higher would expose a key resistance at 115.89, the May 11 high. Clearance of this level would expose 117.17 further out, the Mar 24 high. On the downside, initial support lies at 114.06, yesterday’s low. A break would instead signal a possible reversal.

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