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TECHS: (U9) Candles a concern for bulls *RES...>

BTPS
BTPS: TECHS: (U9) Candles a concern for bulls
*RES 4: 141.82 1.618 projection of the May 15-May 27 rally from the Jul 10 low
*RES 3: 141.12 1.382 projection of the May 15-May 27 rally from the Jul 10 low
*RES 2: 140.24 Contract high, Jul 18
*RES 1: 139.38 High Jul 22
*PRICE: 139.12 @ Close Jul 23
*SUP 1: 138.35 Low Jul 22
*SUP 2: 137.37 Low Jul 12
*SUP 3: 137.12/03 Low Jul 3 / Low Jul 10
*SUP 4: 136.88 High Jul 2 and gap low
U9 BTPS was firmer yesterday. Recently though prices failed to follow through on
the break to fresh highs. Candle patterns highlight a potential bearish outlook.
An inverted hammer on Jul 18 followed by a bearish engulfing on Friday, suggests
a top has been put in place. Note too that the trendline support drawn off the
May 31 low was breached on Monday at 138.75 adding to this developing threat.
Prices need to break above 140.24 to offset these bearish concerns.

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