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(U2) Bullish Short-Term Outlook

BTP TECHS
  • RES 4: 125.11 High Jun 1
  • RES 3: 124.48 76.4% retracement of the May 26 - Jun 14 downleg
  • RES 2: 123.88 Low May 9 and a recent breakout level
  • RES 1: 122.80 High Jun 24
  • PRICE: 122.12 @ Close Jun 29
  • SUP 1: 119.81/118.60 Low Jun 28 / Low Jun 22
  • SUP 2: 115.72/113.78 Low Jun 16 / Low Jun 14 and the bear trigger
  • SUP 3: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 112.31 4.00 proj of the May 12 - 24 - 26 price swing

BTP futures maintain a bullish short-term tone. The contract traded higher last week and breached the 20-day EMA. The break continues to suggest potential for a stronger short-term correction and attention is on 123.88, the May 9 low plus a recent breakout level. Initial support to watch is at 118.60, the Jun 22 low. A break of this support would instead signal a short-term bearish reversal and the end of the current correction.

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