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(M3) Impulsive Rally Extends

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.17 High Mar 24 and a key resistance
  • RES 2: 116.97 High Apr 6
  • RES 1: 116.21 High May 31
  • PRICE: 115.96 @ Close May 31
  • SUP 1: 114.06/112.60 Low May 30 / 26 and the bear trigger
  • SUP 2: 111.88 76.4% retracement of the Mar 2 - 24 rally
  • SUP 3: 111.05 Low Mar 8
  • SUP 4: 110.79 Low Mar 7

BTP futures traded higher again Wednesday. The contract is through the 20- and 50-day EMAs and this strengthens current short-term bullish conditions. Yesterday’s gains resulted in a breach of 115.89, the May 11 high. The clear break of this level exposes 117.17 further out, Mar 24 high. On the downside, initial support lies at 114.06, the May 30 low. A break of this level would signal a possible reversal.

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