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(U2) Bearish Price Structure

BTP TECHS
  • RES 4: 129.00 High May 12 and a reversal trigger
  • RES 3: 127.79 High May 26
  • RES 2: 125.48 20-day EMA
  • RES 1: 123.86/125.13 High Jun 2 / Low May 24
  • PRICE: 121.56 @ Close Jun 6
  • SUP 1: 121.52 Low Jun 6
  • SUP 2: 120.96 1.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 120.00 Psychological round number
  • SUP 4: 119.14 2.236 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures is bearish and the contract traded lower once again Monday. Last week’s bear leg confirmed a break of 123.88, May 9 low and the bear trigger. This also confirmed a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. 122.00 has been breached, the focus is on the 120.96 next, a Fibonacci projection. Initial resistance is at 123.86 Jun 2 high.

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