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(M3) Bull Cycle Extends

BTP TECHS
  • RES 4: 118.56 High Jan 19 (cont) and a key resistance
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 116.49 76.4% retracement of the Feb 2 - Mar 2 downleg (cont)
  • RES 1: 116.40 High Mar 17
  • PRICE: 116.05 @ Close Mar 17
  • SUP 1: 114.25/113.02 Low Feb 15 / High Mar 9 and a gap low
  • SUP 2: 111.79 Low Mar 9
  • SUP 3: 110.79 Low Mar 7
  • SUP 4: 110.25 Low Mar 2 and the bear trigger

BTP futures traded higher Friday to extend the reversal from 110.25, the Mar 2 low. The short-term outlook remains bullish following recent gains. A continuation higher would open 116.49, a Fibonacci retracement on the continuation chart. Support to watch lies at 113.02, the Mar 9 high and a gap low on the daily chart. Short-term pullbacks would be considered corrective - for now.

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