(U2) Short-Term Trend Needle Still Points North

• 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: 108.785 @ 05:13 BST Jun 30
• 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

Despite the recent pullback from the Jun 24 high, Schatz futures maintain a bullish short-term tone. The climb last week above the 20-day EMA strengthened short-term conditions for bulls and continues to suggest 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.