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(M3) Watching Key Resistance

BTP TECHS
  • RES 4: 118.56 High Jan 19 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: 116.30 @ Close Apr 6
  • SUP 1: 115.12/114.04 20-day EMA / 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 traded higher last week but price remains below 117.17, the Mar 24 high and key resistance. The short-term outlook appears bullish. Note however, that price has recently traded through support at 115.12, the 20-day EMA. A clear break of this average would highlight a bearish development and open 113.71, a Fibonacci retracement. A breach of 117.17 would resume the uptrend.

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