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(U2) Consolidation Appears To Be A Bull Flag

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: 129.36 High Aug 11
  • PRICE: 127.84 @ Close Aug 11
  • SUP 1: 126.83/125.38 Low Aug 3 / 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. The current consolidation appears to be a bull flag formation, reinforcing the trend condition. The break on Jul 29 of key resistance at 126.41, Jul 1 high, established 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 125.38, the 50-day EMA.

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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: 129.36 High Aug 11
  • PRICE: 127.84 @ Close Aug 11
  • SUP 1: 126.83/125.38 Low Aug 3 / 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. The current consolidation appears to be a bull flag formation, reinforcing the trend condition. The break on Jul 29 of key resistance at 126.41, Jul 1 high, established 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 125.38, the 50-day EMA.