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Free Access(M3) Trades Through Support
- RES 4: 116.97 High Apr 6
- RES 3: 116.17 76.4% retracement of the Mar 24 - Apr 24 downleg
- RES 2: 115.89 High May 11
- RES 1: 114.95 High May 18
- PRICE: 113.86 @ Close May 18
- SUP 1: 113.70 Low May 2
- SUP 2: 112.93/89 Low Apr 24 / 61.8% of the Mar 2 - 24 rally
- SUP 3: 111.88 76.4% retracement of the Mar 2 - 24 rally
- SUP 4: 111.05 Low Mar 8
BTP futures traded sharply lower yesterday and price has moved below both the 20- and 50-day EMAs. The contract has also breached support at 113.91, the May 10 low. This signals scope for an extension lower towards key support at 112.93, the Apr 24 low. A breach of this level would strengthen a bearish theme. Key short-term resistance has been defined at 115.89, the May 11 high.
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