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(M3) Corrective Bounce Extends

BTP TECHS
  • RES 4: 114.42 High Feb 15
  • RES 3: 113.72 High Feb 20
  • RES 2: 113.43 High Feb 24 and a key short-term resistance
  • RES 1: 113.02 High High Mar 9
  • PRICE: 112.58 @ Close Mar 9
  • SUP 1: 110.79 Low Mar 7
  • SUP 2: 110.25 Low Mar 2 and the bear trigger
  • SUP 3: 110.00 Round number support
  • SUP 4: 109.55 1.618 proj of the Feb 20 - 22 - 24 price swing

BTP futures traded higher again Thursday. Despite the latest recovery, the trend outlook remains bearish and short-term gains are considered corrective. The contract traded to a fresh short-term trend low of 110.25 on Mar 2 - this opens 110.00. The move down maintains the bearish price sequence of lower lows and lower highs, reinforcing the downtrend. On the upside, firm resistance to watch is seen at 113.43, the Feb 24 high.

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