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(M3) Remains Vulnerable

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.17 High Mar 24 and the bull trigger
  • RES 2: 115.92/116.97 High Apr 12 / 6
  • RES 1: 114.70 20-day EMA
  • PRICE: 113.97 @ Close Apr 18
  • SUP 1: 113.37 Low Apr 18
  • SUP 2: 113.22 Low Mar 15
  • SUP 3: 112.89 61.8% retracement of the Mar 2 - 24 rally
  • SUP 4: 111.88 76.4% retracement of the Mar 2 - 24 rally

BTP futures remain in a bear cycle. The contract has recently breached support at 114.04, the Mar 31 low, strengthening a bearish theme. Attention is on 113.22, the Mar 15 low and 112.89, a Fibonacci retracement. On the upside, initial firm resistance is at 114.70, 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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