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(M4) Resistance Remains Intact

BTP TECHS
  • RES 4: 120.65 High Dec 27 and the bull trigger
  • RES 3: 120.28 High Mar 14
  • RES 2: 119.55 High Mar 27
  • RES 1: 118.61/119.10 High May 6 / High Apr 10
  • PRICE: 118.02 @ Close May 6
  • SUP 1: 116.93/115.76 Low Apr 30 / Low Apr 25
  • SUP 2: 115.70 Low Dec 8 ‘23 (cont)
  • SUP 3: 114.74 1.236 proj of the Dec 27 - Feb 22 - Mar 14 price swing
  • SUP 4: 114.09 1.382 proj of the Dec 27 - Feb 22 - Mar 14 price swing

A bearish threat in BTP futures remains present and the latest recovery appears to be a correction - for now. Recent weakness has reinforced a bearish theme. Support at 116.15, the Feb 22 low and a bear trigger, has been pierced. A clear break of this level would highlight an important bearish development and open 115.70 initially, the Dec 8 2023 low (cont). Key short-term resistance to watch is 119.10, the Apr 10 high.

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