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(U1) Needle Points South

SCHATZ TECHS
  • RES 4: 112.415 High Aug 05 and the bull trigger
  • RES 3: 112.390 High Aug 6
  • RES 2: 112.330/350 High Aug 25 / High Aug 20 and key resistance
  • RES 1: 112.325 High Aug 31
  • PRICE: 112.280 @ 05:27 BST Sep 3
  • SUP 1: 112.262 50.0% retracement of the Jun 22 - Aug 5 rally
  • SUP 2: 112.245 Low Jul 21
  • SUP 3: 112.227 50.0% retracement of the Jun 22 - Aug 5 rally
  • SUP 4: 112.210 Low Jul 20

Schatz futures remain weak. The contract traded lower Aug 31 resuming the downtrend that started Aug 5. Price has cleared recent support at 112.295, Aug 13, 16, 26 and 30 low and has also breached its 50-day EMA. With bearish conditions reinforced, scope is seen for a move towards 112.262 next, a Fibonacci retracement. The Aug 31 high of 112.325 is seen as a key short-term resistance.

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