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(U2) Outlook Remains Bearish

SCHATZ TECHS
  • RES 4: 109.300 High Jun 2
  • RES 3: 109.180 High Jun 3 and 9
  • RES 2: 108.954 20-day EMA
  • RES 1: 108.495/108.715 High Jun 13 / High Jun 9
  • PRICE: 108.240 @ 05:20 BST Jun 16
  • SUP 1: 107.935 Low Jun 14
  • SUP 2: 107.662 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)

Schatz futures remain in a downtrend and short-term gains are considered corrective. Fresh cycle lows earlier this week reinforced the downtrend and confirmed 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 108.954, the 20-day EMA.

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