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(U2) Bear Cycle Extension

SCHATZ TECHS
  • RES 4: 110.070 High May 12 and a reversal trigger
  • RES 3: 109.850 High May 26
  • RES 2: 109.605 20-day EMA
  • RES 1: 109.445 Low May 18
  • PRICE: 109.145 @ 05:43 BST Jun 3
  • SUP 1: 109.077 1.236 proj of the May 12 - 18 - 26 price swing
  • SUP 2: 109.000 Round number support
  • SUP 3: 108.912 1.50 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 108.618 1.618 proj of the May 12 - 18 - 26 price swing

Schatz futures remain soft and the contract has resumed its primary downtrend. Support at 109.330, the May 6 low, has been cleared and this signals potential for a continuation lower with the focus on the 109.00 handle next. The break lower maintains the broader bearish price sequence of lower lows and lower highs - the definition of a downtrend. On the upside, initial resistance is seen at 109.445, the May 18 low.

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