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(U0) Extends Range Lower

SCHATZ TECHS
  • RES 4: 112.341 1.236 projection of Jun 5 - 26 rally from Jul 27 low
  • RES 3: 112.280 1.00 projection of Jun 5 - 26 rally from Jul 27 low
  • RES 2: 112.274 76.4% retracement of the May - Jun sell-off (cont)
  • RES 1: 112.196 61.8% retracement of the May - Jun sell-off (cont)
  • PRICE: 112.060 @ 05:09 BST Aug 13
  • SUP 1: 112.030 Low Aug 12
  • SUP 2: 112.020 Low Jul 27 and key support
  • SUP 3: 111.977 76.4% Jun - Aug Rally
  • SUP 4: 111.975 Low Jun 11

Schatz futures accelerated lower Wednesday, with congestion support at the July lows the next downside target. Should Jul 27 lows give way, the outlook should turn outright bearish, opening contract lows printed in early June at 111.775. For bulls to gain a firmer footing, a close above the 100-dma at 112.114 is needed before focus can shift back to 112.195.

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