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(U1) Pullback Considered Corrective

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: 152.47 High Jun 14 and the bull trigger
  • PRICE: 151.90 @ Close Jun 16
  • SUP 1: 150.75 Low Jun 10
  • 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 reversal from the 147.00 low on Mar 19 and last week's gains. With bulls in control and momentum still positive although overbought, attention is on 152.66 next, a Fibonacci projection. The contract is also approaching the Feb high of 153.82. On the downside, firm support has been defined at 150.11, Jun 8 low. Initial firm support lies at 150.75, Jun 10 low.

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