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(U0) Key Support Exposed

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: 112.077 50-day EMA
  • RES 1: 112.060 High Aug 27
  • PRICE: 112.010 @ 04:51 BST Aug 28
  • 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 traded in a volatile manner but bearish conditions again prevailed. The outlook remains bearish. Recent gains between Aug 14 - 21, had been viewed as a correction and this week's sell-off 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. Initial firm resistance is at 112.060, yesterday's high.

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