SCHATZ TECHS: (U4) Short-Term Bullish Theme

• RES 4: 106.009 2.382 projection of the May 24 - Jun 4 - 7 price swing   
• RES 3: 105.975 High Jun 14 and the bull trigger  
• RES 2: 105.837 61.8% retracement of the Jun 14 - Jul 5 bear leg      
• RES 1: 105.835 High Jul 18  
• PRICE: 105.660 @ 07:20 BST Jul 23
• SUP 1: 105.659 20-day EMA       
• SUP 2: 105.495/390 Low Jul 11 / 5 
• SUP 3: 105.314 76.4% retracement of the May 24 Jun 14 bull cycle
• SUP 4: 105.175 Low Jun 7  

Schatz futures traded higher last week, reinforcing a short-term bullish theme - which still pervades despite the corrective slip lower on Monday. Sights are on 105.837, a Fibonacci retracement point. A clear break of 105.837 would strengthen a bullish theme and expose 105.975, the Jun 14 high and key resistance. On the downside, a reversal would refocus attention on key short-term support at 105.390, the Jul 5 low. Clearance of this level would reinstate a bearish theme.