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(U2) Bull Flag

BTP TECHS
  • RES 4: 130.00 Round number resistance
  • RES 3: 129.00 High May 12
  • RES 2: 127.79 High May 26
  • RES 1: 126.41 High Jul 1 and the bull trigger
  • PRICE: 123.22 @ Close Jul 14
  • SUP 1: 121.96 Low Jul 14
  • SUP 2: 119.81 Low Jun 28 and key S/T support
  • SUP 3: 118.60 Low Jun 22
  • SUP 4: 115.72 Low Jun 16

BTP futures traded lower Thursday but did find support at the session low and price remains inside the recent range. The current consolidation appears to be a bull flag formation. The short-term trend condition is bullish - resistance at 122.80, the Jun 24 high, has recently been breached. The break suggests potential for a stronger correction and attention is on 127.79, the May 26 high. Initial key support to watch is 119.81, Jun 28 low.

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