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(U1) Uptrend Extends

BTP TECHS
  • RES 4: 154.15 0.764 proj of May 19 - Jun 14 - Jun 25 price swing
  • RES 3: 153.82 High Feb 12 (cont)
  • RES 2: 153.35 0.618 proj of May 19 - Jun 14 - Jun 25 price swing
  • RES 1: 153.24 High Jul 16
  • PRICE: 153.17 @ Close Jul 16
  • SUP 1: 152.50 Low Jul 13
  • SUP 2: 151.93/54 Low Jul 8 / Low Jul 6
  • SUP 3: 151.19 High Jul 1
  • SUP 4: 150.56 Low Jun 30

BTPs maintain a bullish tone following last week's resumption of the uptrend. Gains on Jul 6 and 7 resulted in a breach of key resistance at 152.47, Jun 14 high. The break higher confirmed a resumption of the uptrend that started May 19 and paves the way for a stronger short-term recovery. Last week's extension reinforces the bullish theme. Attention is on 153.35, a Fibonacci projection. Initial support is at the Jul 13 low of 152.50.

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