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(U1) Needle Still Points North

BTP TECHS
  • RES 4: 156.73 1.236 proj of May 19 - Jun 14 - Jun 25 price swing
  • RES 3: 156.36 3.0% Upper Bollinger Band
  • RES 2: 156.00 Round number resistance
  • RES 1: 155.71 High Aug 5 and the bull trigger
  • PRICE: 154.91 @ Close Aug 17
  • SUP 1: 154.54 Low Aug 11
  • SUP 2: 153.99 Bull channel base drawn off the May 19 low
  • SUP 3: 153.27 50-day EMA
  • SUP 4: 151.93 High Jul 8

BTPs are unchanged and continue to trade broadly horizontally. The uptrend remains up though with moving average studies holding a bull position. Furthermore, price action remains within a positive price sequence of higher highs and higher lows. The recent high of 155.71 on Aug 5 marks the bull trigger. A break would open 156.36, a Bollinger band ceiling. Initial support lies at 154.54, the Aug 11 low.

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