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(U2) Remains Vulnerable

SCHATZ TECHS
  • RES 4: 109.830 High Aug 17
  • RES 3: 19.512 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: 108.835 @ 05:32 BST Aug 29
  • SUP 1: 108.685/505 Low Aug 29 / 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 traded lower Monday, confirming a resumption of the current bearish cycle. The contract remains vulnerable and further weakness is likely. 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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