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(U1) Tests Key Resistance

SCHATZ TECHS
  • RES 4: 112.290 High Feb 11 (cont)
  • RES 3: 112.280 High Feb 12 (cont)
  • RES 2: 112.250 High Mar 1 and 2 (cont)
  • RES 1: 112.210 High Jun 11 and the bull trigger
  • PRICE: 112.210 @ 09:35 BST Jul 8
  • SUP 1: 112.140 Low Jul 5 and 6
  • SUP 2: 112.110 Congestion lows Apr 20, Jun 22, 23, 25 and 28
  • SUP 3: 112.086 138.2% retracement of the May17 - Jun 11 rally
  • SUP 4: 112.075 150.0% retracement of the May17 - Jun 11 rally

Schatz futures traded higher last week and a near-term bullish theme remains intact as the contract extends its climb this week. The recent S/T recovery from the 112.110 congestion lows suggests scope for a continuation higher. Resistance at 112.210, Jun 11 high has been tested, a break would strengthen a bullish case. On the downside, clearance of 112.110 would be required to reinstate a bearish theme. Initial support is 112.140.

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