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(M3) Pullback Considered Corrective - For Now

BTP TECHS
  • RES 4: 118.56 High Jan 19 and a key resistance
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 117.17 High Mar 24 and the bull trigger
  • RES 1: 115.81/116.97 High Apr 11 / 6
  • PRICE: 115.04 @ Close Apr 11
  • SUP 1: 114.86/114.04 Low Apr 11 / Low Mar 31
  • SUP 2: 113.71 50.0% retracement of the Mar 2 - 24 rally
  • SUP 3: 113.22 Low Mar 15
  • SUP 4: 112.89 61.8% retracement of the Mar 2 - 24 rally

BTP futures have failed to hold on to last week’s high of 116.97 (Apr 6). Despite the latest pullback, the short-term outlook appears bullish. However, note that price has traded through support at 115.11, the 20-day EMA. A clear break of this average would highlight a bearish threat and expose support at 114.04, the Mar 31 low. On the upside, key resistance and the bull trigger is unchanged at 117.17, the Mar 24 high.

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