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(M3) Support Stays Intact For Now

BTP TECHS
  • RES 4: 118.56 High Jan 19 (cont) and a key resistance
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 118.00 Round number resistance
  • RES 1: 117.17 High Mar 24 and the bull trigger
  • PRICE: 115.99 @ Close Mar 27
  • SUP 1: 115.47 Low Mar 27
  • SUP 2: 114.43/15 20-day EMA / Low Mar 22
  • SUP 3: 113.02 High Mar 9 and a gap low
  • SUP 4: 111.79 Low Mar 9

BTP futures traded higher last Friday to reach a marginal new weekly high of 117.17. The short-term outlook remains bullish and pullbacks are considered corrective. A resumption of gains would open 118.18 next, the Jan 19 high on the continuation chart and a key resistance. Support to watch lies at 113.02, the Mar 9 high and a gap low on the daily chart. Initial firm support is seen at 114.58, the 20-day EMA.

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