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(U2) Bearish Outlook

SCHATZ TECHS
  • RES 4: 110.070 High May 12 and a reversal trigger
  • RES 3: 109.850 High May 26
  • RES 2: 109.460 20-day EMA
  • RES 1: 109.180/445 High Jun 3 / Low May 18
  • PRICE: 109.025 @ 05:10 BST Jun 8
  • SUP 1: 108.950 Low Jun 8
  • SUP 2: 108.912 1.50 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 108.839 1.618 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 108.747 1.764 proj of the May 12 - 18 - 26 price swing

Schatz futures remain soft, and the contract has this week resumed its primary downtrend. Support at 109.330, the May 6 low, has recently been cleared and this signals potential for a continuation lower with the focus on the 108.912 next, a Fibonacci projection. The break lower maintains the broader bearish price sequence of lower lows and lower highs. On the upside, initial resistance is seen at 109.180, the Jun 3 high.

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