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(U4) Trend Needle Points North

SCHATZ TECHS
  • RES 4: 106.070 High Feb 2 (cont)
  • RES 3: 106.050 2.50 projection of the May 24 - Jun 4 - 7 price swing
  • RES 2: 106.009 2.382 projection of the May 24 - Jun 4 - 7 price swing
  • RES 1: 106.005 High Jul 25
  • PRICE: 105.875 @ 06:05 BST Jul 26
  • SUP 1: 105.708 20-day EMA
  • SUP 2: 105.630 Low Jul 22
  • SUP 3: 105.495/390 Low Jul 11 / 5 and a key support
  • SUP 4: 105.310 Low Jun 12

Schatz futures traded a new high Thursday morning. The contract has pierced key short-term resistance at 105.975, the Jun 14 high. A clear break of this hurdle would confirm a resumption of the bull cycle that started on May 24. Sights are on 106.009, a Fibonacci projection. Initial firm support to watch lies at 105.708, the 20-day EMA, and 105.630, the Jul 22 low. A clear break of these two levels would be seen as a bearish development.

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