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(U4) Fresh Cycle High

BTP TECHS
  • RES 4: 121.25 2.382 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 3: 120.85 2.236 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 2: 120.20 2.00 proj of the Jun 11 - 21 - Jul 2 price swing
  • RES 1: 120.00 Psychological round number
  • PRICE: 119.74 @ Close Aug 13
  • SUP 1: 118.42/117.74 20- and 50-day EMA values
  • SUP 2: 116.07 Low Jul 8
  • SUP 3: 114.72 Low Jul 2
  • SUP 4: 114.35 Low Jun 11 and key support

The medium-term trend in BTP futures remains bullish and yesterday’s rally reinforces this theme. The contract breached immediate resistance at 119.57, the Aug 2 high, confirming a resumption of the bull cycle and maintaining the price sequence of higher highs and higher lows.The break opens the 120.00 handle next. The contract remains above initial firm support at 118.55 the 20-day EMA. The 50-day EMA lies at 117.82 A clear breach of both EMAs would instead highlight a bearish threat and a potential reversal.

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