Free Trial

(U2) Corrective Pullback

SCHATZ TECHS
  • RES 4: 110.855 High Apr 4 (cont)
  • RES 3: 110.500 High May 26 (cont)
  • RES 2: 110.412 1.50 proj of the May 16 - 24 - 28 price swing
  • RES 1: 110.100/380 High Aug 3 / Aug 2 and the bull trigger
  • PRICE: 109.850 @ 05:18 BST Aug 9
  • SUP 1: 109.670 Low Jul 28
  • SUP 2: 109.597 50-day EMA
  • SUP 3: 109.350 Low Jul 22
  • SUP 4: 108.950 Low Jul 21 and a key support

Schatz futures remain below recent highs. The recent move lower is likely a correction and trend conditions still appear bullish. Fresh highs on Aug 2, confirmed a resumption of the current uptrend and maintains the bullish price sequence of higher highs and higher lows, signalling scope for a continuation higher. The focus is on 110.412 next, a Fibonacci projection. Key support is unchanged at 108.950, the Jul 21 low. Initial firm support is seen at 109.670.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.