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(U0) Weaker, But Well Away From Last Week’s Low

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: 112.120 @ 06:18 BST Aug 7
  • SUP 1: 112.090 Low Jul 29
  • SUP 2: 112.045 Low Jul 28
  • SUP 3: 112.020 Low Jul 27 and key support
  • SUP 4: 111.975 Low Jun 11

Schatz futures returned to the midpoint of the recent range ahead of the Thursday close, stopping short of any bearish breakout. This keeps focus on 112.195 initially, a break above which would open 112.274 Fib resistance and extend the current uptrend and open levels not seen since May for the continuation contract. On the downside, support is at 112.090, Jul 29 low. This coincides with the 200-dma which, if broken, would mark down the outlook.

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