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(U0) Weaker, But Well Off Recent Lows

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: 112.095 @ 02:39 BST Aug 12
  • SUP 1: 112.075 Low Aug 10
  • 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 remain well off the Jul 31 high, with momentum still drained despite a modest bounce Monday-Tuesday. Price action so far has stopped short of any bearish breakout, which keeps focus on 112.195 initially, a break above which would open 112.274 Fib resistance and re-ignite the 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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