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(U1) Watching Support

BTP TECHS
  • RES 4: 151.88 0.618 proj of the May 19 - 27 - 28 price swing
  • RES 3: 151.43 0.618 proj of the May 19 - 27 - 28 price swing
  • RES 2: 151.07 0.50 proj of the May 19 - 27 - 28 price swing
  • RES 1: 150.80/51.00 High Jun 7 / Round Number Resistance
  • PRICE: 150.24 @ Close Jun 7
  • SUP 1: 149.94 Low Low Jun 1
  • SUP 2: 149.53 Low May 28 and key near-term support
  • SUP 3: 148.80 Low May 25
  • SUP 4: 148.24 Low May 24

BTP futures remain in a clear downtrend following the recent extension lower to 147.00 on Mar 19. However, since the May 19 low, prices have recovered and a corrective cycle remains. The recent recovery is allowing an earlier oversold condition to unwind. Attention is on the 151.00 handle next and 151.07, a Fibonacci projection. Initial firm support has been defined at 149.53, the May 28 low. A break would signal a potential reversal.

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