May 29, 2024 07:32 GMT
(M4) Breaches Support
BTP TECHS
- RES 4: 120.28 High Mar 14 and the bull rally
- RES 3: 119.55 High Mar 27
- RES 2: 119.10 High Apr 10 and a key near-term resistance
- RES 1: 118.21/119.00 High May 21 / 16
- PRICE: 116.80 @ 08:11 BST May 29
- SUP 1: 116.66/30 Intraday low / Low Apr 26
- SUP 2: 115.76 Low Apr 25 and the bear trigger
- SUP 3: 115.70 Low Dec 8 ‘23 (cont)
- SUP 4: 114.74 1.236 proj of the Dec 27 - Feb 22 - Mar 14 price swing
BTP futures traded higher on May 15 and breached 118.61, the May 6 high. However, the contract has pulled back from its recent highs and this has exposed support at 116.94, the May 15 low. It has today been breached and marks a bearish development, opening 115.76, the Apr 25 low and bear trigger. Key short-term resistance is at 119.10, the Apr 10 high. Clearance of this hurdle would reinstate a bullish theme and open 120.28, the Mar 14 high.
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