May 31, 2024 06:03 GMT
(M4) Key Support Remains Exposed
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: 117.63 50-day EMA
- PRICE: 116.58 @ Close May 30
- 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 Wednesday and in the process cleared support at 116.94, the May 15 low. The move down strengthens a bearish threat and a continuation 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 117.63, the 50-day EMA. Firmer resistance is seen at 119.00, the May 16 high.
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