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(U1) Coming Under Pressure

  • RES 4: 112.505 High November 2020
  • RES 3: 112.450 High Dec 11, 2020 (cont)
  • RES 2: 112.415 High Aug 05
  • RES 1: 112.412 2.50 proj of the Jun 22 - Jul 8 - Jul 13 price swing
  • PRICE: 112.325 @ 16:17 BST Aug 09
  • SUP 1: 112.285 Low Jul 26
  • SUP 2: 112.245 Low Jul 21
  • SUP 3: 112.210 Low Jul 20
  • SUP 4: 112.180/150 Low Jul 16 / Low Jul 13

Schatz futures are off the highs, but remain bullish despite the Friday pullback. The clear break on Jul 20 of resistance at 112.210, Jun 11 high established an uptrend. Further gains are favoured after the print of 112.390, with the focus on 112.412 next, a Fibonacci projection. Recent gains have also established a bullish price sequence of higher highs and higher lows, the definition of an uptrend. Initial firm support is seen at 112.285, Jul 26 low.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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