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(M3) Watching Resistance

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 118.00 Round number resistance
  • RES 2: 117.17 High Mar 24 and the bull trigger
  • RES 1: 116.53 High Mar 27
  • PRICE: 116.18 @ Close Apr 5
  • SUP 1: 115.00/114.04 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 Wednesday but have remained below 117.17, the Mar 24 high and key resistance. The short-term outlook appears bullish and the recent pullback corrective. However, price has recently traded through support at 115.00, the 20-day EMA. A clear break of this average would highlight a bearish development and open 113.71, a Fibonacci retracement. The next resistance is at 116.53, the Mar 27 high.

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