September 12, 2024 06:06 GMT
BTP TECHS: (Z4) Northbound
BTP TECHS
- RES 4: 122.00 Round number resistance
- RES 3: 121.32 2.618 proj of the Jun 11 - 18 - Jul 1 price swing
- RES 2: 121.04 2.500 proj of the Jun 11 - 18 - Jul 1 price swing
- RES 1: 120.84 HIgh Sep 11
- PRICE: 120.75 @ Close Sep 11
- SUP 1: 119.43/118.16 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 and Wednesday’s gains reinforce this condition. The break higher yesterday resulted in a breach of 120.34, the Sep 6 high. This confirms a resumption of the uptrend and extends the sequence of higher highs and higher lows. Sights are on 121.04 next, a Fibonacci projection. Initial firm support lies at 119.43, the 20-day EMA.
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