May 22, 2024 05:58 GMT
(M4) Resistance Remains Intact For Now
BTP TECHS
- RES 4: 120.28 High Mar 14 and the bull rally
- RES 3: 119.55 High Mar 27
- RES 2: 119.10 High Apr 10 and a key near-term resistance
- RES 1: 119.00 High May 16
- PRICE: 118.05 @ Close May 21
- SUP 1: 116.94/115.76 Low May 14 / 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
BTP futures rallied on May 15 and in the process traded above resistance at 118.61, the May 6 high. This exposes a more important resistance at 119.10, Apr 10 high. Clearance of this level would strengthen a bullish theme and signal scope for a climb towards key resistance at 120.28, the Mar 14 high. On the downside, a break of initial support at 116.94, the May 15 low, would instead be a bearish development.
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