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(U3) Pullback Exposes Key Short-Term Support

  • 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: 105.595 High Jun 5
  • PRICE: 105.460 @ 05:43 BST Jun 6
  • SUP 1: 105.425 Intraday low
  • SUP 2: 105.360 Low May 29
  • SUP 3: 105.330 Low May 26 and key support
  • SUP 4: 105.000 Round number support

Schatz futures remain below last week’s high of 105.875 on Jun 1 and the contract is trading at its recent lows. A continuation lower would expose key short-term support at 105.330, the May 26 low. Clearance of this level would strengthen bearish conditions and signal scope for weakness towards the 105.00 handle. On the upside, 105.875 marks the key short-term resistance. A breach of this hurdle would be bullish.

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