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(U1) Breaches The June High

BTP TECHS
  • RES 4: 153.49 0.618 proj of May 19 - Jun 14 - Jun 25 price swing
  • RES 3: 153.00 Round number resistance
  • RES 2: 152.85 0.50 proj of May 19 - Jun 14 - Jun 25 price swing
  • RES 1: 152.61 High Jul 6
  • PRICE: 152.46 @ Close Jul 6
  • SUP 1: 151.54 Low Jul 6
  • SUP 2: 151.17 20-day EMA
  • SUP 3: 150.56 Low Jun 30
  • SUP 4: 149.97 Low Jun 25 and key short-term support

BTPs rallied last week and ended the week on a strong note. Futures resumed the rally yesterday and importantly, this has resulted in breach of key resistance at 152.47, Jun 14 high. The break higher confirms a resumption of the uptrend that started May 19 and paves the way for a stronger short-term recovery. Attention is on 153.00 and 153.82, Feb 12 high (cont). Initial support is at yesterday's 151.54 low.

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