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(U1) Corrective Cycle 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: 150.50 @ Close Jun 22
  • SUP 1: 150.42 Low Jun 21
  • SUP 2: 150.11 Low Low Jun 8 and key near-term support
  • SUP 3: 147.74 50.0% retracement of the May 19 - Jun 14 rally
  • SUP 4: 149.53 Low May 28

BTP futures remain in their current bullish cycle that started 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. Key resistance and 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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