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(U1) Short-Term Bearish Risk Still Present

BTP TECHS
  • RES 4: 153.40 1.236 proj of the May 19 - 28 price swing
  • RES 3: 152.66 1.00 proj of the May 19 - 28 price swing
  • RES 2: 151.68/152.47 High Jun 17 / High Jun 14 and the bull trigger
  • RES 1: 151.04 High Jun 22
  • PRICE: 150.67 @ Close Jun 28
  • SUP 1: 149.97 Low Jun 25
  • SUP 2: 149.74 50.0% retracement of the May 19 - Jun 14 rally
  • SUP 3: 149.53 Low May 28
  • SUP 4: 149.09 61.8% retracement of the May 19 - Jun 14 rally

BTP futures traded lower Friday and breached support at 150.11, Jun 8 low. This signals scope for an extension of the current corrective pullback and attention turns to 149.74, a Fibonacci retracement with yesterday's gains likely a correction. A break of 149.74 would open 149.53, May 28 low. On the upside, initial resistance is seen at 151.04, Jun 22 high. A break would ease the current bearish pressure and expose 151.68, Jun 17 high.

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