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(U1) Gains Considered Corrective

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, Jul 1 and intraday high
  • PRICE: 112.160 @ 05:27 BST Jul 2
  • SUP 1: 112.110 Congestion lows Apr 20, Jun 22, 23, 25 and 28
  • 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 edged higher again yesterday. The recent move lower resulted in a break of 112.120, May 17, Jun 21 lows. Note too, price also recently tested 112.110, Apr 20 low and a congestion support. The outlook remains bearish and scope is seen for a move towards 112.086 and 112.075, Fibonacci retracement extensions. Initial firm resistance is 112.165, Jun 21 high. A break would ease the bearish threat and open 112.185.

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