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(M4) Resistance Remains Intact

BTP TECHS
  • RES 4: 120.28 High Mar 14
  • RES 3: 119.55 High Mar 27
  • RES 2: 118.61/119.10 High May 6 / High Apr 10
  • RES 1: 118.22 High May 10
  • PRICE: 117.28 @ Close May 14
  • SUP 1: 116.93/115.76 Low Apr 30 / Low Apr 25 and the bear trigger
  • 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 have been a correction. A resumption of gains would expose key short-term resistance at 119.10, the Apr 10 high. Clearance of this level would be seen as a bullish development and open 120.28, the Mar 14 high. For bears, a continuation lower would refocus attention on the key support at 115.76, the Apr 25 low. Clearance of this level resumes the bear leg.

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