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(U2) Bullish Focus

BTP TECHS
  • RES 4:131.61 High Apr 29 (cont)
  • RES 3: 131.24 High May 12 (cont)
  • RES 2: 130.00 Round number resistance
  • RES 1: 129.27 High Aug 2
  • PRICE: 128.70 @ Close Aug 4
  • SUP 1: 126.40/124.82 Low Aug 1 / 50-day EMA
  • SUP 2: 122.81/119.57 Low Jul 28 / Low Jul 21 and key S/T support
  • SUP 3: 118.60 Low Jun 22
  • SUP 4: 115.72 Low Jun 16

The BTP futures trend condition remains bullish and the contract is trading closer to its recent highs. The break on Jul 29 of key resistance at 126.41, Jul 1 high, reinforces conditions for bulls and highlights a broader bullish price sequence of higher highs and higher lows - the definition of an uptrend. Attention is on the 130.00 handle next. Initial firm support lies at 122.81, Jul 28 low. Key trend support is at 119.57, Jul 21 low.

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  • RES 4:131.61 High Apr 29 (cont)
  • RES 3: 131.24 High May 12 (cont)
  • RES 2: 130.00 Round number resistance
  • RES 1: 129.27 High Aug 2
  • PRICE: 128.70 @ Close Aug 4
  • SUP 1: 126.40/124.82 Low Aug 1 / 50-day EMA
  • SUP 2: 122.81/119.57 Low Jul 28 / Low Jul 21 and key S/T support
  • SUP 3: 118.60 Low Jun 22
  • SUP 4: 115.72 Low Jun 16

The BTP futures trend condition remains bullish and the contract is trading closer to its recent highs. The break on Jul 29 of key resistance at 126.41, Jul 1 high, reinforces conditions for bulls and highlights a broader bullish price sequence of higher highs and higher lows - the definition of an uptrend. Attention is on the 130.00 handle next. Initial firm support lies at 122.81, Jul 28 low. Key trend support is at 119.57, Jul 21 low.