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(U1) Bull Cycle Intact

BTP TECHS
  • RES 4: 153.40 1.236 proj of the May 19 - 28 price swing
  • RES 3: 152.66 1.00 proj of the May 19 - 28 price swing
  • RES 2: 152.00 Round number resistance
  • RES 1: 151.92 0.764 proj of the May 19 - 28 price swing
  • PRICE: 151.62 @ Close Jun 10
  • SUP 1: 150.75 Low Jun 10
  • SUP 2: 150.11 Low Low Jun 8
  • SUP 3: 149.53 Low May 28 and key near-term support
  • SUP 4: 148.80 Low May 25

BTP futures traded higher again yesterday and the contract maintains the current bullish cycle following the reversal from the 147.00 low on Mar 19. This cycle has allowed an earlier oversold condition to unwind. With bulls clearly in control, attention is on 151.92 next, a Fibonacci projection and the 152.00 handle. On the downside, firm support has been defined at 150.11, Jun 8 low. Initial support is at yesterday's low of 150.75.

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