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(U3) Resistance Remains Exposed

BTP TECHS
  • RES 4: 118.00 Round number resistance
  • RES 3: 117.48/60 High Jul 19 / Jun 26 and key resistance
  • RES 2: 116.86 High Jul 24
  • RES 1: 116.12 High Aug 24
  • PRICE: 115.31 @ Close Aug 30
  • SUP 1: 114.11/112.95 Low Aug 23 / Low Jul 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: 111.05 1.382 proj of the Jun 26 - Jul 11 - Jul 19 price swing

A recent rally in BTP futures resulted in a move above the 20- and 50-day EMAs and this highlights a stronger short-term bull cycle. Resistance at 116.02, the Aug 9 high, has been pierced - a clear break of this level would signal scope for an extension higher. The Aug 23 low of 114.11 marks the first key short-term support. A reversal and break of this level would be a bearish development and expose 112.95, the Jul 11 low.

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