(M4) Recent Gains Considered Corrective

• RES 4: 121.19 2.382 proj of the Feb 22 - 26 - 29 price swing
• RES 3: 120.65 High Dec 27 and the bull trigger
• RES 2: 119.55/120.28 High Mar 27 / 14
• RES 1: 119.10 High Apr 10
• PRICE: 118.51 @ Close Apr 9
• SUP 1: 117.10 Low Apr 3
• 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

Price action last week in BTP futures resulted in a break of the 20-day EMA and a breach of 118.33, the Mar 15 low. The break highlights a bearish threat and recent gains appear to be a correction. A resumption of weakness would open 116.52, the Feb 29 low and 116.15, the Feb 22 low and the key support. On the upside, clearance of resistance at 119.55, the Mar 27 high, would instead reinstate a bull cycle.