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(U4) Trend Needle Points South

SCHATZ TECHS
  • RES 4: 105.625 High May 17
  • RES 3: 105.572 76.4% retracement of the May 15 - 24 bear leg
  • RES 2: 105.484 61.8% retracement of the May 15 - 24 bear leg
  • RES 1: 105.460 High Jun 4
  • PRICE: 105.430 @ 05:48 BST Jun 6
  • SUP 1: 105.285 Low Jun 6
  • SUP 2: 105.195 Low Jun 3
  • SUP 3: 105.110 Low May 24 and the bear trigger
  • SUP 4: 105.00 Round number support

The trend condition in Schatz futures remains bearish and recent short-term gains are considered corrective - for now. Moving average studies are in a bear-mode set-up, highlighting bearish market sentiment. The next resistance to watch is 105.484, a Fibonacci retracement point. For bears, a reversal lower would refocus attention on key support and the bear trigger at 105.110, the May 24 low. A break would resume the downtrend.

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