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(U4) Trend Structure Remains Bullish

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: 118.74 High Jul 29
  • PRICE: 118.51 @ Close Jul 29
  • SUP 1: 117.60/18 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

BTP futures have recovered from last Friday’s low. The medium-term trend remains positive following recent strong gains. A continuation higher would open the 119.00 handle next ahead of 119.55, a Fibonacci projection. Initial firm support is seen at 117.60, the 20-day EMA. The 50-day EMA lies at 117.18. A clear break of both averages would highlight a bearish threat and a potential reversal.

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