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BTP TECHS: (U4) Corrective Pullback Extends

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: 120.00/06 Psychological round number / High Aug 22
  • PRICE: 118.58 @ Close Sep 2
  • SUP 1: 118.24 Low Sep 2   
  • SUP 2: 117.36 Low Jul 26 and a key support 
  • SUP 3: 116.07 Low Jul 8
  • SUP 4: 114.72 Low Jul 2

The medium-term trend condition in BTP futures remains bullish and the latest move lower is considered corrective. Moving average studies are in a bull-mode set-up and a bullish trend sequence of higher highs and higher lows is intact. Note that the move down has resulted in a print below 118.42, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement. Key resistance and bull trigger is 120.06, Aug 22 high.

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