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(U0) Correction Over?

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: 112.060 @ 05:02 BST Aug 25
  • 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 are trading lower and have pulled away from last week's high of 112.160, the Aug 21 high. Recent gains have been viewed as a correction. A deeper pullback would suggest the correction is over and expose key support at 111.990, Aug 14 low. Moving average studies maintain a bearish structure highlighting a broader bearish threat. On the upside, clearance of 112.160 would resume recent strength.

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