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(U4) Bull Cycle Remains In Play

SCHATZ TECHS
  • RES 4: 106.225 3.00 proj of the May 24 - Jun 4 - 7 price swing
  • RES 3: 106.091 2.618 proj of the May 24 - Jun 4 - 7 price swing
  • RES 2: 106.009 2.382 proj of the May 24 - Jun 4 - 7 price swing
  • RES 1: 105.975 High Jun 14
  • PRICE: 105.745 @ 06:03 BST Jun 19
  • SUP 1: 105.625/105.521 Low Jun 14 / 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

Schatz futures traded sharply higher last week and the contract is holding on to the bulk of its recent gains. The recent rally has resulted in the break of resistance at 105.460, the Jun 4 / 5 high. This strengthens a short-term bullish condition and signals scope for a continuation higher near-term. Sights are on 106.009 next, a Fibonacci projection. Firm short-term support has been defined at 105.498, the 20-day EMA.

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