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(M4) Has Cleared Support

BTP TECHS
  • RES 4: 121.65 2.618 proj of the Feb 22 - 26 - 29 price swing
  • RES 3: 121.19 2.382 proj of the Feb 22 - 26 - 29 price swing
  • RES 2: 120.65 High Dec 27 and the bull trigger
  • RES 1: 119.55/120.28 High Mar 27 / 14
  • PRICE: 117.85 @ Close Apr 2
  • SUP 1: 117.56 Low Apr 2
  • SUP 2: 116.52 Low Feb 29
  • SUP 3: 116.15 Low Feb 22 and the bear trigger
  • SUP 4: 116.00 Round number support

BTP futures traded sharply lower Tuesday and cleared support at the 20-day EMA and breached 118.33, the Mar 15 low. The break lower highlights a bearish threat and cancels the recent bullish theme. A continuation lower would open 116.52, the Feb 29 low ahead of 116.15, the Feb 22 low and key support. A break of 119.55, the Mar 27 high, would reinstate a bull cycle.

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