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Impulsive Rally Extends

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(U2) Remains Above Support

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: 124.79/126.41 High Jul 20 / High Jul 1 and the bull trigger
  • PRICE: 123.25 @ Close Jul 22
  • SUP 1: 119.57 Low Jul 21 and key near-term support
  • SUP 2: 118.60 Low Jun 22
  • SUP 3: 115.72 Low Jun 16
  • SUP 4: 113.78 Contract Low

BTP futures traded lower last week, but did find support at 119.57, the Jul 22 low. The recent pullback is considered corrective and short-term bullish conditions remain intact. 119.57 has been defined as a key short-term support and if breached, would highlight a stronger reversal. An extension higher would refocus attention on key resistance at 126.41, the Jul high and bull trigger. A break would resume the uptrend.

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  • RES 4: 130.00 Round number resistance
  • RES 3: 129.00 High May 12
  • RES 2: 127.79 High May 26
  • RES 1: 124.79/126.41 High Jul 20 / High Jul 1 and the bull trigger
  • PRICE: 123.25 @ Close Jul 22
  • SUP 1: 119.57 Low Jul 21 and key near-term support
  • SUP 2: 118.60 Low Jun 22
  • SUP 3: 115.72 Low Jun 16
  • SUP 4: 113.78 Contract Low

BTP futures traded lower last week, but did find support at 119.57, the Jul 22 low. The recent pullback is considered corrective and short-term bullish conditions remain intact. 119.57 has been defined as a key short-term support and if breached, would highlight a stronger reversal. An extension higher would refocus attention on key resistance at 126.41, the Jul high and bull trigger. A break would resume the uptrend.