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(U2) Bearish Outlook Intact

SCHATZ TECHS
  • RES 4: 109.830 High Aug 17
  • RES 3: 19.539 50-day EMA
  • RES 2: 109.330 High Aug 25 and key near-term resistance
  • RES 1: 108.920 Low Aug 26 and gap high on the daily chart
  • PRICE: 108.710 @ 05:32 BST Aug 29
  • SUP 1: 108.505 Low Jun 29
  • SUP 2: 108.425 Low Jun 28
  • SUP 3: 108.336 76.4% retracement of the Jun 16 - Aug 2 upleg
  • SUP 4: 108.105 Low Jun 22

Schatz futures are trading lower this morning, confirming a resumption of the current bearish cycle. The contract remains vulnerable following the recent move lower. The 50-day EMA has been cleared - this recent breach reinforced bearish conditions. The focus is on 108.505, the Jun 29 low and 108.425, the Jun 28 low. On the upside, initial firm resistance is seen at 109.330, the Aug 25 high. A break would ease the current bearish pressure.

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