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BTP TECHS: (U4) Fades Off Highs, But Still Bullish

BTP TECHS
  • RES 4:120.20 2.00 proj  of the Jun 11 - 21 - Jul 2 price swing
  • RES 3: 119.55 1.764 proj  of the Jun 11 - 21 - Jul 2 price swing 
  • RES 2: 119.00 Round number resistance
  • RES 1: 118.73 High May 16 and a key resistance 
  • PRICE: 117.92 @ 07:32 Jul 24
  • SUP 1: 117.36 20-day EMA   
  • SUP 2: 116.07 Low Jul 8 
  • SUP 3: 114.72 Low Jul 2 
  • SUP 4: 114.35 Low Jun 11 and key support 

BTP futures faded into the Friday close and remained weak Monday. This opens a decent gap with recent highs. The medium-term trend, however, remains positive after the impulsive rally resulted in a print above 118.58, the May 16 high. A continuation of the bull cycle would open the 119.00 handle next ahead of 119.55, a Fibonacci projection. On the downside, initial firm support is seen at 117.36, the 20-day EMA. A pullback would be considered corrective and this would allow an overbought condition to unwind.

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