(M4) Holding On To The Bulk Of Its Recent Gains

• 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: 120.05 High Mar 7
• PRICE: 119.35 @ Close Mar 12
• SUP 1: 118.22 20-day EMA
• 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 are holding on to the bulk of last week’s gains that resulted in a break of key short-term resistance at 118.81, the Jan 30 high. The clear break of this hurdle highlights a bullish reversal and signals scope for a continuation higher near-term. This has opened 120.65, the Dec 27 high and bull trigger. Clearance of this level would confirm a resumption of the medium-term uptrend. Initial firm support lies at 118.22, the 20-day EMA.