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(U2) Trend Needle Still Points North

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: 129.27 High Aug 2
  • PRICE: 127.59 @ Close Aug 3
  • SUP 1: 126.40/124.66 Low Aug 1 / 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 and the contract traded higher again Tuesday. Recent gains have resulted in a break of key resistance at 126.41, Jul 1 high. The move reinforces conditions for bulls and highlights 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 122.81, Jul 28 low. Key trend support is at 119.57, Jul 21 low.

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