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(U1) Bearish Cycle Still In Play

SCHATZ TECHS
  • RES 4: 112.425 2.618 proj of the Jun 22 - Jul 8 - Jul 13 price swing
  • RES 3: 112.415 High Aug 05 and the bull trigger
  • RES 2: 112.390 High Aug 6:
  • RES 1: 112.330/350 High Aug 25 / High Aug 20 and key resistance
  • PRICE: 112.320 @ 05:20 BST Aug 31
  • SUP 1: 112.295 Low Aug 13, 16, 26 and 30
  • SUP 2: 112.285 50-day EMA
  • SUP 3: 112.245 Low Jul 21
  • SUP 4: 112.210 Low Jul 20

Schatz futures near-term outlook remains bearish. The contract last week traded below its 20-day EMA exposing and testing support at 112.295, Aug 13 and 16 low. The 50-day EMA, intersects at 112.285. A clear break of the average is required to suggest scope for a deeper short-term pullback. On the upside, initial firm resistance has been refined at 112.350, Aug 20 high where a break is needed to ease the current bearish risk.

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