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(M3) Impulsive Bull Rally

BTP TECHS
  • RES 4: 118.97 Low Nov 30 2022 (cont)
  • RES 3: 118.56 Hgh Jan 19 and a key resistance (cont)
  • RES 2: 118.18 High Feb 2 (cont)
  • RES 1: 117.17 High Mar 24 and a key resistance
  • PRICE: 116.91 @ Close Jun 2
  • SUP 1: 115.60 Low May 31
  • SUP 2: 114.06/112.60 Low May 30 / 26 and the bear trigger
  • SUP 3: 111.88 76.4% retracement of the Mar 2 - 24 rally
  • SUP 4: 111.05 Low Mar 8

BTP futures traded higher last week. The contract has cleared the 20- and 50-day EMAs and this strengthens current short-term bullish conditions. Furthermore, 115.89, the May 11 high, has been breached and this paves the way for an extension towards 117.17, the Mar 24 high. On the downside, initial, initial firm support lies at 114.06, the May 30 low. A break of this level would signal a possible reversal.

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