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(U2) Southbound

SCHATZ TECHS
  • RES 4: 109.850 High May 26
  • RES 3: 109.348/445 20-day EMA / Low May 18
  • RES 2: 109.300 High Jun 2
  • RES 1: 109.180 High Jun 3 and 9
  • PRICE: 108.685 @ 05:11 BST Jun 10
  • SUP 1: 108.665 Low Jun 9
  • SUP 2: 108.600 2.00 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 108.452 2.236 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 108.361 2.382 proj of the May 12 - 18 - 26 price swing

Bearish conditions continue to prevail and Schatz futures remain soft. The bear leg accelerated yesterday and fresh cycle lows confirm an extension of the bearish price sequence of lower lows and lower highs. This also suggests scope for a continuation of the downtrend. The focus is on 108.600 next, a Fibonacci projection. On the upside, initial resistance is seen at 109.180, the Jun 3 / 9 high.

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