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(U2) Clears Resistance

BTP TECHS
  • RES 4: 130.00 Round number resistance
  • RES 3: 129.22 0.764 proj of the Jun 14 - Jul 1 - 21 price swing
  • RES 2: 127.79 High May 26
  • RES 1: 127.35 High Jul 29
  • PRICE: 126.33 @ Close Jul 29
  • SUP 1: 122.81/119.57 Low Jul 28 / Low Jul 21 and key S/T support
  • SUP 2: 118.60 Low Jun 22
  • SUP 3: 115.72 Low Jun 16
  • SUP 4: 113.78 Contract Low

BTP futures short-term trend conditions remain bullish and the contract traded higher Friday. The rally resulted in a break of key short-term resistance at 126.41, the Jul 1 high. The move reinforces conditions for bulls and highlights a broader bullish price sequence of higher highs and higher lows - the definition of an uptrend. This opens 127.79, the May 26 high. Initial firm support lies at 122.81, the Jul 28 low. Key trend support is at 119.57.

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