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(U2) Remains Above Support

BTP TECHS
  • RES 4: 130.00 Round number resistance
  • RES 3: 129.00 High May 12
  • RES 2: 127.79 High May 26
  • RES 1: 126.41 High Jul 1 and the bull trigger
  • PRICE: 123.76 @ Close Jul 4
  • SUP 1: 121.92/119.81 20-day EMA / Low Jun 28 and key S/T 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 last week’s gains reinforce this theme - price breached resistance at 122.80, the Jun 24 high. The break suggests potential for a stronger short-term correction and attention is on 127.79 the May 26 high. 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 and the end of the current corrective cycle.

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