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(U3) Bearish Outlook

SCHATZ TECHS
  • RES 4: 105.975 High May 17
  • RES 3: 105.875 High Jun 1 and key short-term resistance
  • RES 2: 105.815 High Jun 4
  • RES 1: 105.655 High Jun 6 and key near-term resistance
  • PRICE: 105.405 @ 05:43 BST Jun 12
  • SUP 1: 105.335 Low Jun 6
  • SUP 2: 105.330 Low May 26 and key support
  • SUP 3: 105.000 Round number support
  • SUP 4: 104.960 Low Low Mar 13 (cont)

Schatz futures remain below 105.875, the Jun 1 high, and the contract is trading closer to its recent lows. A bearish theme remains intact and the focus is on key short-term support at 105.330, the May 26 low and bear trigger. Clearance of this support would confirm a resumption of the bear cycle that started in March and open the 105.00 handle. Key short-term resistance is seen at 105.655, the Jun 6 high.

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