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(U4) Resistance Remains Intact For Now

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: 117.01 High Jun 18
  • PRICE: 116.33 @ Close Jun 20
  • SUP 1: 115.28/114.35 Low Jun 12 / 11
  • SUP 2: 114.02 1.236 proj of the May 16 - 29 - Jun 5 price swing
  • SUP 3: 113.60 1.382 proj of the May 16 - 29 - Jun 5 price swing
  • SUP 4: 112.77 61.8% of the Oct 19 - Dec 27 2023 rally (cont)

BTP futures have traded in a volatile manner recently. The latest bear reversal from the Jun 5 high, confirmed the end of the corrective phase between May 29 - Jun 5. This resulted in a break of key support at 115.54, Apr 25 low, highlighting a resumption of the downtrend. However, price has rebounded from the Jun 11 low of 114.35. Initial key resistance is 117.62, Jun 5 high. A break would be bullish. First resistance is 117.01, Tuesday’s high.

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