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(U4) Clears Key Support

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: 116.78/117.62 20-day EMA / High Jun 5 and key resistance
  • PRICE: 115.18 @ Close Jun 10
  • SUP 1: 115.05 Low Jun 10
  • SUP 2: 114.88 1.236 proj of the May 16 - 24 - 27 price swing
  • SUP 3: 114.58 1.382 proj of the May 16 - 24 - 27 price swing
  • SUP 4: 114.09 1.618 proj of the May 16 - 24 - 27 price swing

BTP futures have pulled back from their recent highs. The latest reversal confirms the end of the corrective phase between May 29 - Jun 5. This has resulted in a break of key support at 115.54, the Apr 25 low. Clearance of this level confirms a resumption of the downtrend, opening 114.88, a Fibonacci projection. Initial key 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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