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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: 152.03/47 High Jun 16 / High Jun 14 and the bull trigger
  • PRICE: 150.77 @ Close Jun 18
  • SUP 1: 150.48 Low Jun 18
  • 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, last week's pullback is considered corrective and has allowed 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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