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(U1) Attention Is On Support

SCHATZ TECHS
  • RES 4: 112.210 High Jun 11 and the bull trigger
  • RES 3: 112.185 High Jun 15 and 16
  • RES 2: 112.175 High Jun 17 and 18
  • RES 1: 112.165 High Jun 21
  • PRICE: 112.135 @ 05:24 BST Jun 24
  • SUP 1: 112.110 Low Apr 20 and Jun 22, 23
  • SUP 2: 112.086 138.2% retracement of the May17 - Jun 11 rally
  • SUP 3: 112.075 150.0% retracement of the May17 - Jun 11 rally
  • SUP 4: 112.064 161.8% retracement of the May17 - Jun 11 rally

Schatz futures traded lower earlier this week and breached support at 112.120, May 17 and Jun 21 low. Note too that price also tested the 112.110 support, Apr 20 low. Scope is seen for a move towards 112.086 and 112.075, Fibonacci retracement extensions. On the upside, initial resistance is seen at 112.165, Jun 21 high. A break would ease the current bearish pressure and open 112.185, the Jun 15 and 16 highs.

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