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(U3) Bearish Extension

SCHATZ TECHS
  • RES 4: 105.495 High Jun 13
  • RES 3: 105.376 61.8% retracement June-July downleg
  • RES 2: 105.320 100-dma (cont)
  • RES 1: 105.107/295 50-day EMA / High Aug 8
  • PRICE: 104.940 @ 05:34 BST Aug 15
  • SUP 1: 104.925 Intraday low
  • SUP 2: 104.805 Low Jul 17
  • SUP 3: 104.620/104.570 Low Jul 11 / 6 and the bear trigger
  • SUP 4: 104.470 2.00 projection of the Jun 1 - 8 - 12 price swing

Schatz futures traded lower yesterday, starting the week on a bearish note. The move lower cancels a recent bullish theme and support at 104.930, the Aug 4 low, has been pierced. A clear break would signal a stronger reversal and suggest scope for an extension lower towards 104.805, the Jul 17 low. On the upside, key short-term resistance has been defined at 105.295, the Aug 8 high. A breach would be seen as a bullish development.

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