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(U2) Trading At This Week’s Lows

SCHATZ TECHS
  • RES 4: 110.412 1.50 proj of the May 16 - 24 - 28 price swing
  • RES 3: 110.380 High Aug 2 and the bull trigger
  • RES 2: 110.100 HIgh Aug 3
  • RES 1: 109.735/915 20-day EMA / High Aug 16
  • PRICE: 109.410 @ 05:26 BST Aug 19
  • SUP 1: 109.350 Low Jul 22
  • SUP 2: 109.042 50.0% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 108.950 Low Jul 21 and a key support
  • SUP 4: 108.727 61.8% retracement of the Jun 16 - Aug 2 upleg

Schatz futures continue to trade below the early August highs and price moved lower again Thursday. This week’s sell-off has resulted in a break of the 50-day EMA and suggests scope for an extension lower. The focus is on support at 109.350 next, the Jul 22 low. On the upside, initial firm resistance has been defined at 109.915, the Aug 16 high. A break of this level is required to ease the current bearish pressure.

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  • RES 4: 110.412 1.50 proj of the May 16 - 24 - 28 price swing
  • RES 3: 110.380 High Aug 2 and the bull trigger
  • RES 2: 110.100 HIgh Aug 3
  • RES 1: 109.735/915 20-day EMA / High Aug 16
  • PRICE: 109.410 @ 05:26 BST Aug 19
  • SUP 1: 109.350 Low Jul 22
  • SUP 2: 109.042 50.0% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 108.950 Low Jul 21 and a key support
  • SUP 4: 108.727 61.8% retracement of the Jun 16 - Aug 2 upleg

Schatz futures continue to trade below the early August highs and price moved lower again Thursday. This week’s sell-off has resulted in a break of the 50-day EMA and suggests scope for an extension lower. The focus is on support at 109.350 next, the Jul 22 low. On the upside, initial firm resistance has been defined at 109.915, the Aug 16 high. A break of this level is required to ease the current bearish pressure.