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(M4) Approaching The Bear Trigger

BTP TECHS
  • RES 4: 120.65 High Dec 27 and the bull trigger
  • RES 3: 120.28 High Mar 14
  • RES 2: 119.55 High Mar 27
  • RES 1: 119.10 High Apr 10
  • PRICE: 116.53@ Close Apr 24
  • SUP 1: 116.34 Low Apr 24
  • 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. Yesterday’s move lower resulted in a print below initial support at 116.52, the Feb 29 low. A clear break of this level would expose key support at 116.15, the Feb 22 low and bear trigger. Clearance of this level would highlight an important bearish break and signal scope for a deeper retracement, towards 115.70 initially, the Dec 8 2023 low (cont). Resistance to watch is 119.10, the Mar 27 high.

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