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(U4) Bull Cycle Remains In Play

BTP TECHS
  • RES 4: 119.55 1.764 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 3: 119.00 Round number resistance
  • RES 2: 118.58 High May 16 and a key resistance
  • RES 1: 117.99 High Jul 11
  • PRICE: 117.72 @ Close Jul 12
  • SUP 1: 116.55 20-day EMA
  • SUP 2: 116.07 Low Jul 8
  • SUP 3: 114.72 Low Jul 2
  • SUP 4: 114.35 Low Jun 11 and key support

BTP futures have recovered from 114.72, the Jul 2 low. Last week’s gains resulted in a break of resistance at 117.09, the Jun 21 high, and firmer resistance at 117.62, the Jun 5 high. This undermines a recent bearish theme and signals scope for a climb towards 118.58, the May 16 high and a key resistance. Initial support lies at 116.55, the 20-day EMA. A clear break of it would highlight a potential reversal.

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