April 29, 2024 06:18 GMT
(M4) Support Remains Exposed
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: 117.69/119.10 50-day EMA / High Apr 10
- PRICE: 117.13 @ 07:02 BST Apr 29
- SUP 1: 115.76 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 last week’s move lower reinforces this theme. The break lower resulted in a breach of key support at 116.15, the Feb 22 low and a bear trigger. A clear break of this level would highlight an important bearish development and signal scope for a deeper retracement, towards 115.70 initially, the Dec 8 2023 low (cont). Key short-term resistance to watch is 119.10, the Mar 27 high.
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