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(U0) Bearish Focus

SCHATZ TECHS
  • RES 4: 112.135 High Aug 10 and 11
  • RES 3: 112.105 High AUg 12
  • RES 2: 112.073 20-day EMA
  • RES 1: 112.060 High Aug 13
  • PRICE: 112.030 @ 04:43 BST Aug 19
  • SUP 1: 111.990 Low Aug 14 and the bear trigger
  • SUP 2: 111.977 76.4% retracement of the Jun - Jul Rally
  • SUP 3: 111.975 Low Jun 11
  • SUP 4: 111.950 Low Jun 10

Schatz futures remain vulnerable and recent gains are still considered a correction. The contract last week traded and closed below the July lows. This has exposed 111.977, 76.4% of the Jun - Jul rally. Clearance of this potential support would further reinforce bearish conditions and open 111.950, Jun 10 low ahead of key support at 111.910, Jun 5 and 8 lows. On the upside, 112.060, Aug 13 high offers initial resistance.

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