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(U2) Bear Cycle Extension

SCHATZ TECHS
  • RES 4: 109.300 High Jun 2
  • RES 3: 109.180 High Jun 3 and 9
  • RES 2: 109.030 20-day EMA
  • RES 1: 108.495/108.715 High Jun 13 / High Jun 9
  • PRICE: 107.840 @ 05:24 BST Jun 15
  • SUP 1: 107.935 Intraday low
  • SUP 2: 107.736 3.50 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 107.589 3.618 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 107.430 Low Jul 4 2011 (cont)

Bearish conditions continue to prevail and Schatz futures remain soft. Another fresh cycle low on Tuesday reinforces the downtrend and confirms an extension of the bearish price sequence of lower lows and lower highs. This also suggests scope for a continuation of the trend. The focus is on 107.662 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 109.030, the 20-day EMA.

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