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(U2) Corrective Cycle Still In Play

  • RES 4: 125.11 High Jun1
  • RES 3: 123.88 Low May 9 and a recent breakout level
  • RES 2: 121.20 20-day EMA
  • RES 1: 120.97 High Jun 17
  • PRICE: 119.25 @ Close Jun 20
  • SUP 1: 115.72/113.78 Low Jun 16 / Low Jun 14 and the bear trigger
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures is bearish and the recent recovery is likely a correction. A bearish theme was reinforced early last week as price traded lower, confirming an extension of the downtrend and maintaining a bearish price sequence of lower lows and lower highs. A resumption of weakness would open 113.78, Jun 14 low and the bear trigger. Initial firm resistance is at 121.20, the 20-day EMA.

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