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(U4) Watching 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: 116.55/117.09 50-day EMA / High Jun 21
  • PRICE: 116.12 @ Close Jul 3
  • SUP 1: 114.72/35 Low Jul 2 / Low Jun 11 and key support
  • 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 recovered from Tuesday’s 114.72 low. The bear reversal from the Jun 5 high resulted in a break of key support at 115.54, Apr 25 low, and this continues to highlight a resumption of the downtrend. Sights are on 114.35, the Jun 11 low, where a breach would strengthen a bearish theme. Key resistance is 117.62, Jun 5 high. Clearance of this level would be bullish. Initial firm resistance to watch is 117.09, the Jun 21 high.

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  • 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: 116.55/117.09 50-day EMA / High Jun 21
  • PRICE: 116.12 @ Close Jul 3
  • SUP 1: 114.72/35 Low Jul 2 / Low Jun 11 and key support
  • 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 recovered from Tuesday’s 114.72 low. The bear reversal from the Jun 5 high resulted in a break of key support at 115.54, Apr 25 low, and this continues to highlight a resumption of the downtrend. Sights are on 114.35, the Jun 11 low, where a breach would strengthen a bearish theme. Key resistance is 117.62, Jun 5 high. Clearance of this level would be bullish. Initial firm resistance to watch is 117.09, the Jun 21 high.