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(U2) Outlook Remains Bullish

SCHATZ TECHS
  • RES 4: 110.412 1.382 proj of the May 16 - 24 - 28 price swing
  • RES 3: 110.256 1.382 proj of the May 16 - 24 - 28 price swing
  • RES 2: 110.063 1.236 proj of the May 16 - 24 - 28 price swing
  • RES 1: 110.005 High Jul 6 and the bull trigger
  • PRICE: 109.490 @ 20:24 BST Jul 20
  • SUP 1: 109.230 Low Jul 19
  • SUP 2: 108.760/425 Low Jun 30 / Low Jun 28 and a key support
  • SUP 3: 108.025 Low Jun 21
  • SUP 4: 107.705 Low Jun 16 and the bear trigger

Schatz futures showed through the July 14 low ahead of the Tuesday close before recovering through the late Wednesday session. Despite the pullback, the short-term trend needle still points north though. The contract has recently cleared 109.030, the Jun 24 high. This marked an extension of a corrective cycle and price has established a bullish sequence of higher highs and higher lows. Scope is seen for a climb towards 110.063, a Fibonacci projection. Key short-term support has been defined at 108.425, Jun 28 low.

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