(U3) Pullback Appears To Be A Correction - For Now

• RES 4: 105.495 High Jun 13
• RES 3: 105.376 61.8% retracement June-July downleg
• RES 2: 105.350 100-dma (cont)
• RES 1: 105.295 High Aug 8
• PRICE: 105.050 @ 05:45 BST Aug 11
• SUP 1: 105.045/104.930 20-day EMA / Low Aug 4
• 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

A short-term uptrend in Schatz futures remains in place for now, despite the latest pullback. Earlier this week, the contract breached resistance at 105.185, the Jul 19 high, to confirm a resumption of the bull leg that started Jul 6. The break higher signals scope for gains towards 105.376, a Fibonacci retracement point. Initial firm support to watch is seen at 104.930, the Aug 4 low. A break would signal a possible reversal.