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(U1) Needle Still Points South
- 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: 112.140/165 High Jun 23, 24 / High Jun 21
- PRICE: 112.130 @ 05:24 BST Jun 29
- SUP 1: 112.110 Low 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 remain vulnerable. The contract traded lower last week and breached support at 112.120, May 17 and Jun 21 low. Note too that price is testing the 112.110 support, Apr 20 low and the low last week. Scope is seen for a move towards 112.086 and 112.075, Fibonacci retracement extensions. On the upside, initial firm resistance is seen at 112.165, Jun 21 high. A break would ease the current bearish pressure and open 112.185, Jun 15, 16 highs.
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