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(M4) Watching Support

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: 117.83 @ Close May 22
  • 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 exposed 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, support to watch is 116.94, the May 15 low. A break would instead be a bearish development.

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