Free Trial

(U2) Trend Needle Still Points South

SCHATZ TECHS
  • RES 4: 109.180 High Jun 3 and 9
  • RES 3: 108.715 High Jun 10
  • RES 2: 108.644 20-day EMA
  • RES 1: 108.460 High Jun 15
  • PRICE: 108.330 @ 05:00 BST Jun 23
  • SUP 1: 107.885/107.705 Low Jun 17 / Low Jun 16 and bear trigger
  • 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 above recent lows and continue to consolidate.This pause in the downtrend appears to be a bear flag formation - a pattern that reinforces bearish conditions. Moving average studies are in a bear mode too highlighting current trend conditions. This suggests scope for a continuation of the downtrend and the focus is on 107.662 next, a Fibonacci projection. Initial firm resistance is seen at 108.644, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.