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(M3) Clears Resistance At The 20-Day EMA

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.17 High Mar 24 and the bull trigger
  • RES 2: 115.92/116.97 High Apr 12 / 6
  • RES 1: 115.09 High Apr 28
  • PRICE: 114.85 @ Close Apr 28
  • SUP 1: 112.93/89 Low Apr 24 / 61.8% of the Mar 2 - 24 rally
  • SUP 2: 111.88 76.4% retracement of the Mar 2 - 24 rally
  • SUP 3: 111.05 Low Mar 8
  • SUP 4: 110.25 Low Mar 2 and a key support

BTP futures traded higher Friday to end last week on a bullish note. The contract has breached resistance at 114.24, the 20-day EMA. The clear break signals scope for a stronger corrective bounce and opens 115.92, the Apr 12 high. On the downside, key short-term support has been defined at 112.93, the Apr 24 low. Clearance of this level would instead confirm a resumption of the recent downtrend.

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