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(U2) Trend Needle Continues To Point South

BTP TECHS
  • RES 4: 127.79 High May 26
  • RES 3: 126.43 High May 31
  • RES 2: 124.50/125.13 20-day EMA / Low May 24
  • RES 1: 123.38 High Jun 7
  • PRICE: 119.85 @ Close Jun 9
  • SUP 1: 119.58 Low Jun 9
  • SUP 2: 119.14 2.236 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 118.57 2.382 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 118.11 2.50 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish and yesterday’s strong sell-off reinforces this theme. The recent break of 123.88, May 9 low and a bear trigger, confirmed a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. 120.00 has been breached, the focus is on 119.14 next, a Fibonacci projection. Initial resistance is at 123.38 Jun 7 high.

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