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(U2) Tests The 20-Day EMA

BTP TECHS
  • RES 4: 127.79 High May 26
  • RES 3: 125.11 High Jun1
  • RES 2: 123.88 Low May 9 and a recent breakout level
  • RES 1: 120.98/121.13 20-day EMA / High Jun 22
  • PRICE: 120.76 @ Close Jun 22
  • SUP 1: 115.72/113.78 Low Jun 16 / Low Jun 14 and the bear trigger
  • 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

BTP futures are holding on to recent gains. The primary trend condition is bearish. A bearish theme was reinforced last week as price traded lower, confirming an extension of the trend. This maintains a bearish price sequence of lower lows and lower highs. A resumption of weakness would open 113.78, Jun 14 low. Initial firm resistance is at 120.98, the 20-day EMA. The average has been tested, a clear break would signal scope for a stronger bounce.

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