BTP TECHS: (Z5) Monitoring Resistance
- RES 4: 121.00 Round number resistance
- RES 3: 120.74 High Aug 5 and the bull trigger
- RES 2: 120.61 High Aug 14
- RES 1: 120.51 High Sep 10
- PRICE: 120.33 @ Close Sep 10
- SUP 1: 119.06/118.36 Low Sep 4 / 3
- SUP 2: 118.00 Round number support
- SUP 3: 117.70 2.236 proj of the Aug 5 - 12 - 14 price swing
- SUP 4: 117.36 2.500 proj of the Aug 5 - 12 - 14 price swing
The primary trend condition in BTP futures is unchanged, it remains bullish. The strong rally from last week’s low highlights a bullish development and signals the end of the recent corrective pullback between Aug 5 - Sep 3. Key resistance and the bull trigger is 120.74, the Aug 5 high. A break of this hurdle would confirm a resumption of the uptrend. Key support has been defined at 118.36, the Sep 3 low.
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