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(U3) Trend Needle Points South

SCHATZ TECHS
  • RES 4: 105.185 High Jun 15
  • RES 3: 105.130 High Jun 26 and key near-term resistance
  • RES 2: 105.041 20-day EMA
  • RES 1: 104.915 High Jul 3
  • PRICE: 104.765 @ 05:44 BST Jul 6
  • SUP 1: 104.705 Low Jul 3
  • SUP 2: 104.695 Low Mar 10 (cont)
  • SUP 3: 104.597 1.764 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 downtrend and the contract is trading closer to its recent lows. The move down earlier this week confirms a resumption of the downtrend and an extension of the bearish price sequence of lower lows and lower highs. Note that moving average studies are in a bear mode position, highlighting a downtrend. The focus is on 104.695 next, the Mar 10 low (cont). Initial firm resistance to watch is at 105.041, the 20-day EMA.

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