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(M4) Breaches Support

BTP TECHS
  • RES 4: 120.28 High Mar 14 and the bull trigger
  • RES 3: 119.55 High Mar 27
  • RES 2: 119.00 High May 16 and a key near-term resistance
  • RES 1: 117.67 50-day EMA
  • PRICE: 116.36 @ Close May 29
  • SUP 1: 116.08 Low May 29
  • 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 sharply lower yesterday and in the process cleared support at 116.94, the May 15 low. The break lower strengthens a bearish threat and a continuation down would open 115.76, the Apr 25 low and a bear trigger. Clearance of this level would highlight an important technical break. On the upside, initial resistance is at 117.67, the 50-day EMA. Firmer resistance is seen at 119.00, the May 16 high.

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