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SCHATZ TECHS: (U4) Short-Term Bullish Theme

SCHATZ TECHS
  • 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: 105.770 @ 07:29 BST Jul 24
  • SUP 1: 105.668 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.

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