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(M3) Clears Key Short-Term Support

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.17 High Mar 24 and the bull trigger
  • RES 2: 115.92/116.97 High Apr 12 / 6
  • RES 1: 114.91 20-day EMA
  • PRICE: 113.92 @ Close Apr 14
  • SUP 1: 113.71 50.0% retracement of the Mar 2 - 24 rally
  • SUP 2: 113.22 Low Mar 15
  • SUP 3: 112.89 61.8% retracement of the Mar 2 - 24 rally
  • SUP 4: 111.88 76.4% retracement of the Mar 2 - 24 rally

BTP futures ended last week’s session on a bearish note. The contract has breached support at 114.04, the Mar 31 low. The break of this level strengthens a bearish theme and attention is on 113.71, a Fibonacci retracement level. Clearance of this price point would open 113.22, the Mar 15 low. On the upside, initial firm resistance at 114.91, the 20-day EMA. Key resistance is far off at 117.17, the Mar 24 high.

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