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(U3) Gap Higher Fades Further

BTP TECHS
  • RES 4: 118.52 76.4% Nov - Dec Downleg
  • RES 3: 118.12 3.0% 10-dma envelope
  • RES 2: 117.60 High Jun 26 and the bull trigger
  • RES 1: 117.48 High Jul 19
  • PRICE: 115.81 @ 16:06 BST Jul 20
  • SUP 1: 114.26/112.95 Low Jul 13 / 11 and the bear trigger
  • SUP 2: 112.48 Low May 29
  • SUP 3: 111.78 Low May 26 and a key support
  • SUP 4: 111.00 Round number support

Prices gapped higher at the Wednesday open, hitting new multi-week highs of 117.48 in the process. Prices faded across the subsequent two sessions, however, to put BTP futures lower at the Thursday close. This reinforces the importance of first resistance at 117.60 - the cycle high - a key level for bulls going forward. Key support has been defined at 112.95, the Jul 11 low. A break would reinstate a bearish threat.

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