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(M3) Gains Considered Corrective

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: 112.74 High Feb 27 / High Mar 8
  • PRICE: 112.67 @ Close Mar 8
  • SUP 1: 110.25 Low Mar 2 and the bear trigger
  • SUP 2: 110.00 Round number support
  • SUP 3: 109.55 1.618 proj of the Feb 20 - 22 - 24 price swing
  • SUP 4: 109.20 1.764 proj of the Feb 20 - 22 - 24 price swing

BTP futures traded higher Wednesday. 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 and this reinforces the downtrend. On the upside, firm resistance is seen at 113.43, the Feb 24 high.

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