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(U2) Heads South

SCHATZ TECHS
  • RES 4: 109.445 Low May 18
  • RES 3: 109.300 High Jun 2
  • RES 2: 109.180 High Jun 3 and 9
  • RES 1: 108.715 High Jun 9
  • PRICE: 108.320 @ 05:34 BST Jun 13
  • SUP 1: 108.287 2.50 proj of the May 12 - 18 - 26 price swing
  • SUP 2: 108.214 2.618 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 108.122 2.764 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 108.000 Round number support

Bearish conditions continue to prevail and Schatz futures remain soft. Another fresh cycle low today 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 108.287 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 109.180, the Jun 3 / 9 high.

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