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(U1) Strong Rally

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: 151.51 High Jun 30
  • PRICE: 151.41 @ Close Jun 30
  • SUP 1: 150.56 Low Jun 30
  • SUP 2: 149.97 Low Jun 25
  • SUP 3: 149.74 50.0% retracement of the May 19 - Jun 14 rally
  • SUP 4: 149.53 Low May 28

A strong rally dominated yesterday's session in BTP futures. The contract has defined a key short-term support at 149.97, Jun 25 low. The break higher yesterday suggests the recent corrective pullback between Jun 14 - 25 is over. Further gains would signal scope for a climb towards the key resistance at 152.47, Jun 14 high. Initial support lies at yesterday's low of 150.56. A break of 149.97 would reinstate a bearish threat.

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