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(U3) Trend Needle Points South

SCHATZ TECHS
  • RES 4: 105.550 High Jun 12 and key near-term resistance
  • RES 3: 105.495 High Jun 13
  • RES 2: 105.164 20-day EMA
  • RES 1: 105.055 High Jun 28
  • PRICE: 104.880 @ 05:21 BST Jun 30
  • SUP 1: 104.804 1.382 projection of the Jun 1 - 8 - 12 price swing
  • SUP 2: 104.740 1.50 projection of the Jun 1 - 8 - 12 price swing
  • SUP 3: 104.695 Low Mar 10 (cont)
  • SUP 4: 104.597 1.764 projection of the Jun 1 - 8 - 12 price swing

Schatz futures remain in a downtrend and recent gains appear to be a correction. Recent fresh cycle lows confirm a resumption of the downtrend. This extends the bearish price sequence of lower lows and lower highs and note that moving average studies are in a bear mode position, highlighting a downtrend. The focus is on 104.804 next, a Fibonacci projection. Firm resistance to watch is at 105.164, the 20-day EMA.

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