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(M3) Downtrend Still Intact

BTP TECHS
  • RES 4: 117.17 High Mar 24 and the bull trigger
  • RES 3: 115.92/116.97 High Apr 12 / 6
  • RES 2: 114.94 High Apr 13
  • RES 1: 114.27 20-day EMA
  • PRICE: 113.31 @ Close Apr 24
  • SUP 1: 112.89 61.8% retracement 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

The BTP futures trend condition is unchanged and remains bearish. The contract has recently cleared support at 114.04, the Mar 31 low, strengthening a bearish theme. Attention is on 112.89, a Fibonacci retracement point. On the upside, initial firm resistance is at 114.27, the 20-day EMA. Key resistance is far off at 117.17, the Mar 24 high. A break above the 20-day EMA would highlight a potential bullish reversal.

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