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(U0) Corrective Bounce Extends

SCHATZ TECHS
  • RES 4: 112.105 High Aug 12
  • RES 3: 112.092 50.0% retracement of the Jul 31 - Aug 14 sell-off
  • RES 2: 112.088 50-day EMA
  • RES 1: 112.075 Intraday high
  • PRICE: 112.065 @ 05:05 BST Aug 20
  • SUP 1: 112.015 Low Aug 18
  • SUP 2: 111.990 Low Aug 14 and the bear trigger
  • SUP 3: 111.977 76.4% retracement of the Jun - Jul rally
  • SUP 4: 111.975 Low Jun 11

Schatz futures continue to correct higher as price retraces the sell-off between Jul 31 - Aug 14. A bearish outlook however remains in place following last week's move lower that saw the contract trade and close below the July lows. The next resistance to watch is at 112.092, a retracement level. On the downside, a return lower would open 111.990 again, the Aug 14 low and the bear trigger.

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