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(U2) Short-Term Needle Still Points North

SCHATZ TECHS
  • RES 4: 109.405 High Jun 1
  • RES 3: 109.334 61.8% retracement of the May 26 - Jun 16 sell-off
  • RES 2: 109.180 High Jun 3 and 9
  • RES 1: 109.031 61.8% retracement of the May 26 - Jun 16 sell-off
  • PRICE: 108.670 @ 05:21 BST Jun 28
  • SUP 1: 108.290 Low Jun 23
  • 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 maintain a bullish short-term tone. The contract rallied last week and cleared the 20-day EMA. The move above this average has strengthened short-term bullish conditions and suggests scope for an extension of the current corrective cycle. This has opened 109.031, a Fibonacci retracement. 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.

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  • RES 4: 109.405 High Jun 1
  • RES 3: 109.334 61.8% retracement of the May 26 - Jun 16 sell-off
  • RES 2: 109.180 High Jun 3 and 9
  • RES 1: 109.031 61.8% retracement of the May 26 - Jun 16 sell-off
  • PRICE: 108.670 @ 05:21 BST Jun 28
  • SUP 1: 108.290 Low Jun 23
  • 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 maintain a bullish short-term tone. The contract rallied last week and cleared the 20-day EMA. The move above this average has strengthened short-term bullish conditions and suggests scope for an extension of the current corrective cycle. This has opened 109.031, a Fibonacci retracement. 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.