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(M3) Bull Cycle Still In Play

BTP TECHS
  • RES 4: 116.35 High Feb 3
  • RES 3: 116.00 Round number resistance
  • RES 2: 115.08 High Feb 9
  • RES 1: 114.47 Intraday high
  • PRICE: 113.74 @ Close Mar 13
  • SUP 1: 113.02 High Mar 9 and a gap low on the daily chart
  • SUP 2: 110.79 Low Mar 7
  • SUP 3: 110.25 Low Mar 2 and the bear trigger
  • SUP 4: 109.55 1.618 proj of the Feb 20 - 22 - 24 price swing

BTP futures traded higher Friday to extend the reversal from 110.25, the Mar 2 low. The rally Friday resulted in a break of a key short-term resistance at 113.43, the Feb 24 high. The move strengthens short-term bullish conditions and a continuation higher would open resistance at 115.08, the Feb 9 high. On the downside, initial support to watch lies at 113.02, last Thursday’s high and a gap low on the daily chart.

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