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(U3) Pullback Exposes Key Support

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
  • PRICE: 105.585 @ 05:47 BST Jun 7
  • SUP 1: 105.425 Low Jun 6
  • 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 105.875, the Jun 1 high and the contract is trading closer to 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 break would be bullish. Initial resistance is 105.655, the Jun 6 high.

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