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(U1) Trading Above Resistance

SCHATZ TECHS
  • RES 4: 112.290 High Feb 11 (cont)
  • RES 3: 112.280 High Feb 12 (cont)
  • RES 2: 112.250 High Mar 1 and 2 (cont)
  • RES 1: 112.225 High Jul 19
  • PRICE: 112.220 @ 04:42 BST Jul 20
  • SUP 1: 112.180/150 Low Jul 16 / Low Jul 13
  • SUP 2: 112.140 Low Jul 5 and 6
  • SUP 3: 112.120 Low Jun 30
  • SUP 4: 112.110 Congestion lows Apr 20, Jun 22, 23, 25 and 28

The Schatz futures outlook is bullish. Resistance at 112.210, Jun 11 high was probed Jul 8 and yesterday's gains saw the contract trade breach this level. A clear break would strengthen a bullish case and open 112.250, the Mar 1 and 2 high (cont). A move higher would also establish a bullish price sequence of higher highs and higher lows. On the downside, sub 112.150 levels, Jul 13 low is required to reinstate a bearish theme. Initial firm support is at 112.180.

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