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(U4) Corrective Phase

BTP TECHS
  • RES 4: 120.20 2.00 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 3: 119.55 1.764 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 2: 119.00 Round number resistance
  • RES 1: 118.73 High May 16 and a key resistance
  • PRICE: 117.65 @ 07:44 Jul 26
  • SUP 1: 117.44 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 printed another lower low early Thursday, opening further the gap with recent highs. The medium-term trend, however, remains positive following recent strong gains. A resumption of the bull cycle would open the 119.00 handle next ahead of 119.55, a Fibonacci projection. Initial firm support is seen at 117.44, the 20-day EMA. The latest pullback is considered corrective and this is allowing an overbought condition to unwind.

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