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(U4) Trades Through The 20-Day EMA

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: 105.780 High Jun 28
  • PRICE: 105.605 @ 06:10 BST Jul 1
  • SUP 1: 105.570 Intraday low
  • SUP 2: 105.542 50.0% retraceme of the May 24 Jun 14 bull cycle
  • SUP 3: 105.440 61.8% retraceme of the May 24 Jun 14 bull cycle
  • SUP 4: 105.375 Low Jun 13

Schatz futures have traded lower today and the contract has breached support around the 20-day EMA, at 105.632. This undermines the recent bullish theme and signals scope for a deeper retracement. A continuation lower would open 105.440, a Fibonacci retracement point. Clearance of this level would strengthen a developing bearish threat. On the upside, initial resistance to watch is 105.780, the Jun 28 high. A breach would be bullish.

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