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(U4) Monitoring Resistance

BTP TECHS
  • RES 4: 119.00 Round number resistance
  • RES 3: 118.58 High May 16 and a key resistance
  • RES 2: 117.62 High Jun 5 and key resistance
  • RES 1: 116.96/117.09 High Jul 8 / High Jun 21
  • PRICE: 116.92 @ Close Jul 8
  • SUP 1: 115.76 Low Jul 4
  • SUP 2: 114.72/35 Low Jul 2 / Low Jun 11 and key support
  • SUP 3: 114.02 1.236 proj of the May 16 - 29 - Jun 5 price swing
  • SUP 4: 113.60 1.382 proj of the May 16 - 29 - Jun 5 price swing

BTP futures have recovered from 114.72, the Jul 2 low. Despite these latest gains, attention is on the bear reversal from the Jun 5 high that resulted in a break of key support at 115.54, Apr 25 low. This highlight a resumption of the downtrend and note that MA studies are in a bear-mode set-up. Sights are on 114.35, the Jun 11 low. Key resistance is 117.62, the Jun 5 high. Clearance of it would be bullish. Initial firm resistance to watch is 117.09, Jun 21 high.

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