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(U4) Bull Cycle Extends

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: 117.62 High Jun 5
  • PRICE: 117.53 @ Close Jun 5
  • SUP 1: 116.66/13 Low Jun 4 / 3
  • 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 traded higher again yesterday as the contract extends the recovery from 115.67, the May 29 low. The contract has breached 117.47, 61.8% of the May 16 - 29 bear leg. A continuation higher would open 117.89, the 76.4% retracement point. For now, even though the rally has been an impulsive wave, gains appear to be a correction. A reversal lower would refocus attention on key support at 115.54, the Apr 25 low.

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