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(M3) Bulls Remain In The Driver’s Seat

BTP TECHS
  • RES 4: 117.17 High Mar 24 and the bull trigger
  • RES 3: 116.97 High Apr 6
  • RES 2: 116.17 76.4% retracement of the Mar 24 - Apr 24 downleg
  • RES 1: 115.84 High May 4
  • PRICE: 114.87 @ Close May 8
  • SUP 1: 114.12 Low May 4
  • SUP 2: 113.70 Low May 2
  • SUP 3: 112.93/89 Low Apr 24 / 61.8% of the Mar 2 - 24 rally
  • SUP 4: 111.88 76.4% retracement of the Mar 2 - 24 rally

BTP futures traded higher last week, extending the bull cycle that started Apr 24. The recovery signals scope for a climb towards 116.17 next, a Fibonacci retracement. A break of this level would open 116.97, the Apr 6 high ahead of key resistance at 117.17, the Mar 24 high. On the downside, key support has been defined at 112.93, the Apr 24 low. Initial firm support is 114.12, last Thursday’s low.

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