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(M3) Corrective Pullback

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: 115.89 High May 11
  • PRICE: 114.66 @ Close May 16
  • SUP 1: 113.91 Low May 10
  • 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 remain in a bull cycle and the latest pullback is considered corrective. The contract recently pierced resistance at 115.84, the May 4 high and an extension higher would open 116.17 next, a Fibonacci retracement. A break of this level would expose 116.97, the Apr 6 high ahead of key resistance at 117.17, the Mar 24 high. On the downside, support to watch lies at 113.91, May 10 low. A break would allow for a deeper retracement.

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