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(U2) Needle Still Points South

SCHATZ TECHS
  • RES 4: 109.830 High Aug 17
  • RES 3: 109.446 50-day EMA
  • RES 2: 109.330 High Aug 25 and key near-term resistance
  • RES 1: 108.965 High Aug 30
  • PRICE: 108.545 @ 05:19 BST Sep 1
  • SUP 1: 108.425 Low Jun 28
  • SUP 2: 108.336 76.4% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 108.105 Low Jun 22
  • SUP 4: 108.025 Low Jun 21

Schatz futures have traded lower once again today, maintaining the current downward path. The contract remains vulnerable and further weakness is likely. The 50-day EMA has recently been cleared and this has resulted in the breach of a number of Fibonacci retracement levels as the downtrend extends. The focus is on 108.425, the Jun 28 low. On the upside, initial firm resistance is seen at 109.330, the Aug 25 high.

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