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(U3) Bearish Threat

BTP TECHS
  • RES 4: 118.18 High Feb 2 (cont)
  • RES 3: 117.00 Round number resistance
  • RES 2: 116.36 High Jun 2 and the bull trigger
  • RES 1: 116.06 High Jun 6
  • PRICE: 114.62 @ Close Jun 7
  • SUP 1: 114.13 Low Jun 7
  • SUP 2: 113.53 61.8% retracement of the May 26 - Jun 2 rally
  • SUP 3: 112.86 76.4% retracement of the May 26 - Jun 2 rally
  • SUP 4: 111.78 Low May 26 and a key support

BTP futures traded lower yesterday and the contract has pulled back from the recent high of 116.36, the Jun 2 high. This highlights a developing short-term bearish threat and if correct, suggests potential for a deeper pullback near-term. The next support below yesterday’s low, lies at 113.53, the 61.8% retracement of the May 26 - Jun 2 rally. Key resistance has been defined at 116.36, a break would reinstate a bullish theme.

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