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

• 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: 117.68 @ 07:41 Jul 25
• SUP 1: 117.40 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 printed another lower low early Thursday, opening further the 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 117.40, the 20-day EMA. A pullback would be considered corrective and this would allow an overbought condition to unwind.