August 22, 2024 06:04 GMT
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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