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(U2) Trend Needle Still Points North

SCHATZ TECHS
  • RES 4: 110.412 1.382 proj of the May 16 - 24 - 28 price swing
  • RES 3: 110.256 1.382 proj of the May 16 - 24 - 28 price swing
  • RES 2: 110.063 1.236 proj of the May 16 - 24 - 28 price swing
  • RES 1: 110.020 High Jul 26
  • PRICE: 109.930 @ 05:18 BST Jul 27
  • SUP 1: 109.481 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 found support last week at 108.95, on Jul 21. This level has been defined as a key short-term trend support. A break would signal a reversal. The current uptrend remains intact and yesterday’s gains reinforce this condition. This signals scope for a climb towards 110.063 and 110.256, Fibonacci projections. Note that price is also trading above the 50- and 20-day EMAs, a bullish set-up.

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