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(U3) Southbound

SCHATZ TECHS
  • RES 4: 105.975 High May 17
  • RES 3: 105.875 High Jun 1 and key short-term resistance
  • RES 2: 105.655/815 High Jun 6 / 4
  • RES 1: 105.325/550 High Jun 14 / 12 and key near-term resistance
  • PRICE: 105.140 @ 05:28 BST Jun 15
  • SUP 1: 105.115 Low Jun 14
  • SUP 2: 105.000 Round number support
  • SUP 3: 104.960 Low Mar 13 (cont)
  • SUP 4: 104.883 1.236 projection of the Jun 1 - 8 - 12 price swing

Schatz futures traded lower yesterday. This week’s price action has resulted in a break of 105.330, the May 26 low and bear trigger. The move confirms a resumption of the downtrend and maintains the current bearish price sequence of lower lows and lower highs. Sights are on the 105.000 handle next. Note that moving average studies remain in a bear mode condition, highlighting a downtrend. Initial firm resistance is at 105.550, the Jun 12 high.

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