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(M4) Watching Support At The 20-Day EMA

BTP TECHS
  • RES 4: 121.65 2.618 proj of the Feb 22 - 26 - 29 price swing
  • RES 3: 121.19 2.382 proj of the Feb 22 - 26 - 29 price swing
  • RES 2: 120.65 High Dec 27 and the bull trigger
  • RES 1: 120.28 High Mar 14
  • PRICE: 118.90 @ Close Mar 21
  • SUP 1: 118.53/33 20-day EMA / Low Mar 15
  • SUP 2: 117.80 50-day EMA
  • SUP 3: 116.15 Low Feb 22 and the bear trigger
  • SUP 4: 116.00 Round number support

BTP futures are consolidating and the contract continues to trade below the recent highs. A short-term bullish theme remains intact following the recovery that started on Feb 22, however, a clear break of support at the 20-day EMA - at 118.53 - would signal scope for a deeper retracement. This would open 117.80, the 50-day EMA and a key short-term support. Key resistance and the bull trigger is unchanged at 120.65, the Dec 27 high.

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