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(U2) Resumes Its Uptrend

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: 110.260 High Jul 28
  • PRICE: 110.135 @ 05:37 BST Jul 29
  • SUP 1: 109.587 20-day EMA
  • SUP 2: 108.950 Low Jul 21 and a key near-term support
  • SUP 3: 108.760/425 Low Jun 30 / Low Jun 28 and a key support
  • SUP 4: 108.025 Low Jun 21

Schatz futures traded sharply higher Thursday to confirm a resumption of the current uptrend. The move higher maintains the bullish price sequence of higher highs and higher lows and signals scope for a continuation of the bull cycle. The focus is on 110.412 next, a Fibonacci projection. On the downside, key support has been defined at 108.950, the Jul 21 low. Initial firm support is seen at 109.587, the 20-day EMA.

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