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(M3) Recovery Extends

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.17 High Mar 24 and the bull trigger
  • RES 2: 115.92/116.97 High Apr 12 / 6
  • RES 1: 115.67 High May 3
  • PRICE: 115.35 @ Close May 3
  • SUP 1: 114.42 20-day EMA
  • 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 traded higher again Wednesday to resume the bull cycle that started Apr 24. The recovery signals scope for a climb towards 116.97, the Apr 6 high ahead of key resistance at 117.17, the Mar 24 high. On the downside, key support has been defined at 112.93, the Apr 24 low. Clearance of this level would instead confirm a resumption of the recent downtrend. Initial firm support is 113.70, the May 2 low.

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