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BTP TECHS: (Z4) Northbound

BTP TECHS
  • RES 4: 121.04 2.500 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 3: 120.76 2.382 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 2: 120.42 2.236 proj  of the Jun 11 - 18 - Jul 1 price swing
  • RES 1: 120.34 High Sep 6 
  • PRICE: 119.93 @ Close Sep 9
  • SUP 1: 119.21/118.16 20-day EMA / Low Sep 2 and the bear trigger    
  • SUP 2: 118.00 Low Jul 29 
  • SUP 3: 116.21 Low Jul 9
  • SUP 4: 115.14 Low Jul 1

The medium-term trend condition in BTP futures remains bullish. Last week’s gains reinforce this theme and the move higher resulted in a breach of 119.90, the Aug 22 high and a bull trigger. A clear break of this level would confirm a resumption of the uptrend and open 120.42 next, a Fibonacci projection. Moving average studies are in a bull-mode set-up, reinforcing current trend conditions. Key support is at 118.16, the Sep 2 low.

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