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(U4) Bearish Outlook

SCHATZ TECHS
  • RES 4: 106.009 2.382 proj of the May 24 - Jun 4 - 7 price swing
  • RES 3: 105.975 High Jun 14 and the bull trigger
  • RES 2: 105.895 High Jun 21
  • RES 1: 105.604/105.780 20-day EMA / High Jun 28
  • PRICE: 105.510 @ 06:03 BST Jul 4
  • SUP 1: 105.440 61.8% retracement of the May 24 Jun 14 bull cycle
  • SUP 2: 105.375 Low Jun 13
  • SUP 3: 105.314 76.4% retracement of the May 24 Jun 14 bull cycle
  • SUP 4: 105.175 Low Jun 7

Schatz futures remain bearish following this week’s breach of support around the 20-day EMA, at 105.604. The move down undermines the recent bullish theme and signals scope for a deeper retracement. A continuation lower would open 105.314, a Fibonacci retracement point. Clearance of this level would strengthen a developing bearish threat. On the upside, initial firm resistance to watch is 105.780, the Jun 28 high. A break would be bullish.

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  • RES 4: 106.009 2.382 proj of the May 24 - Jun 4 - 7 price swing
  • RES 3: 105.975 High Jun 14 and the bull trigger
  • RES 2: 105.895 High Jun 21
  • RES 1: 105.604/105.780 20-day EMA / High Jun 28
  • PRICE: 105.510 @ 06:03 BST Jul 4
  • SUP 1: 105.440 61.8% retracement of the May 24 Jun 14 bull cycle
  • SUP 2: 105.375 Low Jun 13
  • SUP 3: 105.314 76.4% retracement of the May 24 Jun 14 bull cycle
  • SUP 4: 105.175 Low Jun 7

Schatz futures remain bearish following this week’s breach of support around the 20-day EMA, at 105.604. The move down undermines the recent bullish theme and signals scope for a deeper retracement. A continuation lower would open 105.314, a Fibonacci retracement point. Clearance of this level would strengthen a developing bearish threat. On the upside, initial firm resistance to watch is 105.780, the Jun 28 high. A break would be bullish.