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(U3) Corrective Pullback

BTP TECHS
  • RES 4: 118.41 1.00 projection of May 26 - Jun 2 - Jun 8 price swing
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 117.33 0.764 projection of May 26 - Jun 2 - Jun 8 price swing
  • RES 1: 117.16 High Jun 16
  • PRICE: 115.63 @ Close Jun 19
  • SUP 1: 114.61 Low Jun 15
  • SUP 2: 113.83 Low Jun 8 and key short-term support
  • SUP 3: 112.48 Low May 29
  • SUP 4: 111.78 Low May 26 and a key support

BTP futures traded to a fresh cycle high once again on Friday. The contract has recently cleared resistance at 116.36, the Jun 2 high and a short-term bull trigger. This confirms a resumption of the uptrend and signals scope for a climb towards 117.33, a Fibonacci projection. On the downside, key short-term support has been defined at 113.83, the Jun 8 low. A break would be bearish. Pullbacks for now, appear to be a correction.

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