(M4) Approaching Key Support

• RES 4: 121.19 2.382 proj of the Feb 22 - 26 - 29 price swing
• RES 3: 120.65 High Dec 27 and the bull trigger
• RES 2: 119.55/120.28 High Mar 27 / 14
• RES 1: 119.10 High Apr 10
• PRICE: 116.86 @ Close Apr 16
• SUP 1: 116.52 Low Feb 29
• SUP 2: 116.15 Low Feb 22 and the bear trigger
• SUP 3: 116.00 Round number support
• SUP 4: 115.70 Low Dec 8 ‘23 (cont)

A bearish threat in BTP futures remains present and this week’s move lower reinforces this theme. Recent weakness resulted in a break of the 20-day EMA and a breach of 118.33, the Mar 15 low. Attention is on 116.52, the Feb 29 low and 116.15, the Feb 22 low and a key support. A clear break of the latter would signal a stronger reversal. On the upside, clearance of resistance at 119.10, the Mar 27 high, would instead reinstate a bull cycle.