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(U4) Bull Cycle Extends

SCHATZ TECHS
  • RES 4: 106.000 Round number resistance
  • RES 3: 105.958 236proj of the May 24 - Jun 4 - 7 price swing
  • RES 2: 105.875 2.00 proj of the May 24 - Jun 4 - 7 price swing
  • RES 1: 105.800 Intraday high
  • PRICE: 105.745 @ 08:15 BST Jun 14
  • SUP 1: 105.394 20-day EMA
  • SUP 2: 105.310 Low Jun 12
  • SUP 3: 105.110 Low May 24 and the bear trigger
  • SUP 4: 105.000 Round number support

The trend condition in Schatz futures remains bearish and short-term gains are considered corrective, despite this week’s strong recovery. Note that the contract has traded through resistance at 105.460, the Jun 4 high. This does strengthen a short-term bullish condition and has exposed resistance at 105.715, the May 15 high. This hurdle has been pierced, a clear break would further strengthen the bull cycle. Initial support is 105.394, the 20-day EMA.

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