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(U2) Clears Short-Term Resistance

BTP TECHS
  • RES 4: 126.43 High May 31
  • RES 3: 125.11 High Jun 1
  • RES 2: 124.48 76.4% retracement of the May 26 - Jun 14 downleg
  • RES 1: 123.88 Low May 9 and a recent breakout level
  • PRICE: 123.12 @ Close Jun 30
  • SUP 1: 119.81 Low Jun 28 and key near-term support
  • SUP 2: 118.60 Low Jun 22
  • SUP 3: 115.72 Low Jun 16
  • SUP 4: 113.78 Low Jun 14 and the bear trigger

BTP futures maintain a bullish short-term tone and yesterday’s gains reinforce this theme - price has breached resistance at 122.80, the Jun 24 high. The break suggests potential for a stronger short-term correction and attention is on 123.88 next, the May 9 low. Initial support to watch is at 119.81, the Jun 28 low. A break of this level would instead signal a potential short-term top.

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