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(U1) Strong Rally Exposes Key Resistance

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: 152.47 High Jun 14 and the bull trigger
  • RES 1: 152.21 High Jul 2
  • PRICE: 152.02 @ Close Jul 2
  • SUP 1: 150.56 Low Jun 30
  • SUP 2: 149.97 Low Jun 25 and key short-term support
  • SUP 3: 149.74 50.0% retracement of the May 19 - Jun 14 rally
  • SUP 4: 149.53 Low May 28

BTPs rallied last week and ended the week on a strong note. A key short-term support lies at 149.97, Jun 25 low. The break higher last week suggests the recent corrective pullback between Jun 14 - 25 is over. Further gains would signal scope for a climb towards key resistance at 152.47, Jun 14 high where a break would confirm a resumption of the uptrend that started May 19. Initial support lies at 150.56 low, Jun 30 low.

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