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(U3) Remains Vulnerable

SCHATZ TECHS
  • RES 4: 105.325 High Jun 14
  • RES 3: 105.295 High Aug 8 and a key resistance
  • RES 2: 105.092/165 50-day EMA / High Aug 10
  • RES 1: 105.010 20-day EMA
  • PRICE: 104.890 @ 05:50 BST Aug 17
  • SUP 1: 104.760 Low AUg 15
  • SUP 2: 104.741 76.4% retracement of the Jul 6 - Aug 8 bull leg
  • 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 Tuesday, extending the current bear cycle. Support at 104.805, the Jul 17 low, has been cleared. This strengthens a bearish theme and signals scope for an extension lower. The focus is on 104.741, a Fibonacci retracement point. Clearance of this level would pave the way for weakness towards 104.570, the Jul 6 low and the next key support. Initial firm resistance is seen at 105.010, the 20-day EMA.

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