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(M3) Short-Term Bull Theme Intact

SCHATZ TECHS
  • RES 4: 106.020 High May 11
  • RES 3: 105.910 High May 16
  • RES 2: 105.775 High May 17
  • RES 1: 105.675 High Jun 1
  • PRICE: 105.600 @ 05:41 BST Jun 2
  • SUP 1: 105.490 Wednesday’s low
  • SUP 2: 105.300/160 Low May 30 / 26 and the bear trigger
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.953 76.4% retracement of the Mar 9 - 20 rally

Schatz futures are trading at this weeks’ highs. The contract has breached both the 20- and 50-day EMAs which has strengthened bullish conditions and signals scope for a climb towards 105.775, the May 17 high. On the downside, key support and the bear trigger, has been defined at 105.160, the May 26 low. Initial support is seen at Wednesday’s low of 105.490 where a break would undermine the current bullish theme.

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