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(U1) Correction Still In Play

BTP TECHS
  • RES 4: 153.82 High Feb 12 (cont)
  • RES 3: 153.40 1.236 proj of the May 19 - 28 price swing
  • RES 2: 152.66 1.00 proj of the May 19 - 28 price swing
  • RES 1: 151.68/47 High Jun 17 / High Jun 14 and the bull trigger
  • PRICE: 150.73 @ Close Jun 21
  • SUP 1: 150.42 Low Jun 21
  • SUP 2: 150.11 Low Low Jun 8 and key near-term support
  • SUP 3: 149.53 Low May 28
  • SUP 4: 148.80 Low May 25

BTP futures remain in their current bullish cycle following the strong reversal from the 147.00 low on Mar 19. With bulls in control, the recent pullback is considered corrective and is allowing a recent overbought condition to unwind. Key near-term support lies at 150.11, Jun 8 low. The bull trigger has been defined at 152.47, Jun 14 high where a break would open 152.66, a Fibonacci projection and the Feb high of 153.82 (cont) further out.

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