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(M3) Continues To Challenge Support At The 20-Day EMA

  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 118.00 Round number resistance
  • RES 2: 117.17 High Mar 24 and the bull trigger
  • RES 1: 116.08 High Mar 30
  • PRICE: 115.35 @ Close Apr 3
  • SUP 1: 114.04 Low Mar 31
  • SUP 2: 113.71 50.0% retracement of the Mar 2 - 24 rally
  • SUP 3: 113.22 Low Mar 15
  • SUP 4: 112.89 61.8% retracement of the Mar 2 - 24 rally

BTP futures continue to trade below 117.17, the Mar 24 high and the contract traded lower last week. The short-term outlook is bullish and the recent pullback still appears corrective. However, price has traded through support at 114.74, the 20-day EMA. A clear breach of this average would signal scope for a continuation lower and open 113.71, a Fibonacci retracement. Initial resistance is at 116.08, the Mar 30 high.

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