(U3) Corrective Cycle

• RES 4: 105.370 100-dma (cont)
• RES 3: 105.223 50% retracement June-July downleg
• RES 2: 105.185 High Jul 19 and key short-term resistance
• RES 1: 105.090 High Jul 24
• PRICE: 104.945 @ 05:33 BST Jul 27
• SUP 1: 104.805 Low Jul 17
• SUP 2: 104.620/104.570 Low Jul 11 / 6 and the bear trigger
• SUP 3: 104.470 2.00 projection of the Jun 1 - 8 - 12 price swing
• SUP 4: 104.335 Low Mar 9 (cont) and a major support

Schatz futures remain in a short-term uptrend despite the recent pullback from 105.185, the Jul 19 high. A resumption of gains and a breach of 105.185 would highlight a continuation of the bull cycle and open 105.223 and 105.376, Fibonacci retracement points. On the downside, initial support to watch is 104.805, the Jul 17 low. A break would expose key support and the bear trigger at 104.570, the Jul 6 low.