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(U3) Watching Support

BTP TECHS
  • 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: 115.23 @ Close Aug 1
  • 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. A resumption of gains would refocus attention on the key hurdle at 117.60, the Jun 26 high. Initial firm support to watch is 115.09, the Jul 14 low. Clearance of this support would instead highlight a possible reversal and signal scope for a deeper retracement.

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