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(U4) Bear Threat Remains Present

BTP TECHS
  • RES 4: 119.00 Round number resistance
  • RES 3: 118.58 High May 16 and a key resistance
  • RES 2: 117.89 76.4% retracement of the May 16 - 29 bear leg
  • RES 1: 116.94/117.62 20-day EMA / High Jun 5 and key resistance
  • PRICE: 116.22 @ Close Jun 7
  • SUP 1: 115.99 Low Jun 7
  • SUP 2: 115.67 Low May 29
  • SUP 3: 115.54 Low Apr 25 and a bear trigger
  • SUP 4: 114.88 1.236 proj of the May 16 - 24 - 27 price swing

BTP futures have pulled back from their recent highs. The latest reversal lower signals the end of the corrective phase between May 29 - Jun 5. A continuation down would expose key support at 115.54, the Apr 25 low. Clearance of this level would confirm a resumption of the downtrend. Initial firm resistance has been defined at 117.62, the Jun 5 high. A break would highlight a stronger short-term bull cycle.

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