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(U3) Watching Support

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: 118.00 Round number resistance
  • RES 1: 117.60 High Jun 26 and the bull trigger
  • PRICE: 116.08 @ Close Jun 29
  • SUP 1: 115.53/114.61 Low Jun 22 / Low Jun 15
  • SUP 2: 113.83 Low Jun 8 and key 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 on Monday. Price has recently breached resistance at 117.16, the Jun 16 high and a short-term bull trigger. This represents a bullish development and a continuation higher would open the 118.00 handle next. However, the most recent pullback does threaten a bullish theme and attention turns to support at 114.61, the Jun 15 low. Clearance of this level would highlight a possible reversal.

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