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(U3) Strong Reversal

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: 116.02 High Aug 9
  • PRICE: 115.35 @ Close Aug 23
  • 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 strong rally in BTP futures yesterday resulted in a break above both the 20- and 50-day EMAs. This highlights a stronger short-term bull cycle and a continuation higher would signal scope for gains towards 116.02, the Aug 9 high. Yesterday’s low of 114.11 marks the first key short-term support. A reversal and a break of this level would be a bearish development and would expose 112.95, the Jul 11 low.

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