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(U1) Needle Still Points South

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: 112.145 @ 05:35 BST Jul 1
  • 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 edged higher yesterday. Recent weakness resulted in a break of 112.120, May 17, Jun 21 lows. Note too, price also recently tested 112.110, Apr 20 low and the lows of last week. 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, Jun 15, 16 highs.

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