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(U3) Strong Reversal

BTP TECHS
  • RES 4: 117.60 High Jun 26 and the bull trigger
  • RES 3: 117.10 High Jun 29
  • RES 2: 116.50 76% retracement of the Jun 26 - Jul 11 sell-off
  • RES 1: 115.82 61.8% retracement of the Jun 26 - Jul 11 sell-off
  • PRICE: 115.42 @ Close Jul 13
  • 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

BTP futures reversed course on Wednesday and rallied sharply higher yesterday. The climb has resulted in a break of the 20-day EMA at 114.95. A continuation higher would signal scope for a test of 115.82, the 61.8% retracement of the Jun 26 - Jul 11 sell-off. A break of this level would open 116.50, the 76.4% retracement point. Key support has been defined at 112.95, the Jul 11 low. A break would reinstate a bearish threat.

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