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(U2) Bearish Outlook Intact

SCHATZ TECHS
  • RES 4: 110.380 High Aug 2 and the bull trigger
  • RES 3: 110.100 HIgh Aug 3
  • RES 2: 109.830/915 High Aug 17 / 16
  • RES 1: 109.355/558 High Aug 23 / 50-day EMA
  • PRICE: 109.240 @ 05:17 BST Aug 26
  • SUP 1: 109.175 Low Aug 22
  • SUP 2: 109.042 50.0% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 108.950 Low Jul 21 and a key support
  • SUP 4: 108.727 61.8% retracement of the Jun 16 - Aug 2 upleg

Schatz futures are consolidating. The contract remains vulnerable following the recent move lower. The 50-day EMA has been cleared, reinforcing bearish conditions. The focus is on 109.042, a Fibonacci retracement. On the upside, initial firm resistance is seen at the 50-day EMA, at 109.558. A break of this level is required to ease the current bearish pressure. Initial resistance is at 109.355, the Aug 23 high.

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