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BTP TECHS: (U4) Bullish Theme Exposes 120.00 

BTP TECHS
  • RES 4: 121.25 2.382 proj  of the Jun 11 - 21 - Jul 2 price swing
  • RES 3: 120.85 2.236 proj  of the Jun 11 - 21 - Jul 2 price swing
  • RES 2: 120.20 2.00 proj  of the Jun 11 - 21 - Jul 2 price swing
  • RES 1: 120.00 Psychological round number 
  • PRICE: 119.75 @ Close Aug 21
  • SUP 1: 118.94/118.16 20- and 50-day EMA values   
  • SUP 2: 117.36 Low Jul 26 
  • SUP 3: 116.07 Low Jul 8
  • SUP 4: 114.72 Low Jul 2

The medium-term trend in BTP futures remains bullish and the contract is trading closer to its recent highs. Resistance at 119.57, the Aug 2 high, has been breached and this confirmed a resumption of the bull cycle. The break opens the 120.00 handle next. Price remains above initial firm support at 118.94, the 20-day EMA. The 50-day EMA lies at 118.16. A clear breach of both EMAs would instead highlight a bearish threat and a potential reversal.

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