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(U2) Bull Cycle Extends

SCHATZ TECHS
  • RES 4: 109.334 61.8% retracement of the May 26 - Jun 16 sell-off
  • RES 3: 109.180 High Jun 3 and 9
  • RES 2: 109.031 61.8% retracement of the May 26 - Jun 16 sell-off
  • RES 1: 108.845 Intraday high
  • PRICE: 108.760 @ 13:06 BST Jun 23
  • SUP 1: 108.290 Intraday low
  • SUP 2: 108.025/107.705 Low Jun 21 / Low Jun 16 and bear trigger
  • SUP 3: 107.662 3.50 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 107.589 3.618 proj of the May 12 - 18 - 26 price swing

Schatz futures have rallied today and cleared the 20-day EMA at 108.644. The break of this hurdle has strengthened short-term bullish conditions and suggests scope for an extension of the current corrective cycle. Scope is seen for a climb towards 109.031, a Fibonacci retracement. On the downside, the initial support to watch is at 108.025, Jun 21 low. A break would signal a bearish reversal and expose the bear trigger at 107.705, Jun 16 low.

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