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(U3) Watching Support

  • RES 4: 118.56 High Jan 19 and a key resistance
  • RES 3: 118.18 High Feb 2 (cont)
  • RES 2: 117.60 High Jun 26 and the bull trigger
  • RES 1: 116.86/117.48 High Jul 24 / 19
  • PRICE: 116.00 @ Close Jul 31
  • SUP 1: 115.09 Low Jul 14 and a key short-term support
  • SUP 2: 114.26 Low Jul 13
  • SUP 3: 112.95 Low Jul 11 and the bear trigger
  • SUP 4: 112.48 Low May 29

BTP futures continue to trade below 117.48, the Jul 19 high. Short-term bullish conditions are intact - for now - and the recent move lower appears to be a correction. Attention is on the key hurdle at 117.60, the Jun 26 high. A resumption of gains and a break of this resistance would strengthen a bullish theme and open 118.18, the Feb 2 high (cont). Initial firm support to watch is 115.09, the Jul 14 low. A break would highlight a possible reversal.

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