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BTP TECHS: (U4) Pullback Considered Corrective

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: 118.92 @ Close Aug 29
  • SUP 1: 118.37 50-day EMA   
  • 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 condition in BTP futures remains bullish and short-term weakness 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. The latest pullback has resulted in a break of the 20-day EMA. A firmer support lies at 118.37, the 50-day EMA. Key resistance and the bull trigger has been defined at 120.06, the Aug 22 high.

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