May 29, 2024 06:05 GMT
(M4) Support 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: 118.21/119.00 High May 21 / 16
- PRICE: 117.23 @ Close May 28
- SUP 1: 116.93/30 Low May 24 / Low Apr 26
- SUP 2: 115.76 Low Apr 25 and the bear trigger
- SUP 3: 115.70 Low Dec 8 ‘23 (cont)
- SUP 4: 114.74 1.236 proj of the Dec 27 - Feb 22 - Mar 14 price swing
BTP futures traded higher on May 15 and breached 118.61, the May 6 high. However, the contract has pulled back from its recent highs and this has exposed support at 116.94, the May 15 low. It was pierced last Friday, a clear break of it would be a bearish development. For bulls, key short-term resistance is at 119.10, the Apr 10 high. Clearance of this hurdle would strengthen a bullish theme and open key resistance at 120.28, Mar 14 high.
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