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(M3) Outlook Remains Bullish

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 116.49 76.4% retracement of the Feb 2 - Mar 2 downleg (cont)
  • RES 2: 116.33 High Feb 9 (cont)
  • RES 1: 116.23 High Mar 16
  • PRICE: 115.26 @ Close Mar 16
  • SUP 1: 113.02 High Mar 9 and a gap low on the daily chart
  • SUP 2: 111.79 Low Mar 9
  • SUP 3: 110.79 Low Mar 7
  • SUP 4: 110.25 Low Mar 2 and the bear trigger

BTP futures traded higher yesterday to extend the reversal from 110.25, the Mar 2 low. The short-term outlook remains bullish following recent gains and the contract is trading closer to its recent highs. A continuation higher would open 116.49, a Fibonacci retracement. Support to watch lies at 113.02, the Mar 9 high and a gap low on the daily chart. Short-term pullbacks would be considered corrective.

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