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(U0) Focus Is On Key Support

SCHATZ TECHS
  • RES 4: 112.117 61.8% retracement of the Jul 31 - Aug 14 sell-off
  • RES 3: 112.100 High Aug 21
  • RES 2: 112.075 50-day EMA
  • RES 1: 112.060 High Aug 27
  • PRICE: 112.040 @ 05:07 BST Aug 31
  • SUP 1: 111.990 Low Aug 14 and 26 and the bear trigger
  • SUP 2: 111.977 76.4% retracement of the Jun - Jul rally
  • SUP 3: 111.973 0.618 of Jul 31 - Aug 14 sell-off from Aug 21 high
  • SUP 4: 111.950 Low Jun 10

Schatz futures bearish conditions hold despite last week's recovery off the lows. Gains between Aug 14 - 21, had been viewed as a correction and the recent downleg from 112.100, Aug 21 high signals the end of that correction. The move lower has exposed key support at 111.990, Aug 14 and 26 low. MA studies maintain a bearish structure reinforcing a broader bearish threat. A break of 111.900 would open 111.973 initially. Resistance is at 112.060.

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