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(U2) Southbound

  • RES 4: 123.88 Low May 9 and a recent breakout level
  • RES 3: 122.33 20-day EMA
  • RES 2: 119.99 High Jun 10
  • RES 1: 118.68 High Jun13
  • PRICE: 114.61 @ Close Jun 14
  • SUP 1: 113.78 Low Jun 14
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish. This condition was again reinforced Tuesday as price traded lower and this highlights an acceleration of the primary downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 113.22 next, a Fibonacci projection. Initial firm resistance is at 122.33, the 20-day EMA.

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