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(U0) Bulls In Control

SCHATZ TECHS
  • RES 4: 112.117 61.8% retracement of the Jul 31 - Aug 14 sell-off
  • RES 3: 112.135 High Aug 10 and 11
  • RES 2: 112.117 61.8% retracement of the Jul 31 - Aug 14 sell-off
  • RES 1: 112.100 High Aug 21
  • PRICE: 112.080 @ 05:16 BST Aug 24
  • SUP 1: 112.050 Low Aug 20
  • SUP 2: 112.025 Low Aug 19
  • SUP 3: 111.990 Low Aug 14 and the bear trigger
  • SUP 4: 111.977 76.4% retracement of the Jun - Jul rally

Schatz futures continued to correct higher Friday extending the retracement of the Jul 31 - Aug 14 sell-off. The move higher has been viewed as a correction although, with futures holding onto gains, scope is seen for an extension higher Clearance of Friday's high of 112.100 would open 112.117, a Fibonacci retracement. On the downside, initial support lies at 112.050, Aug 20 low. A strong reversal lower is required to refocus attention on 111.990.

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