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(U3) Resumes The Short-Term Bull Leg

SCHATZ TECHS
  • RES 4: 105.495 High Jun 13
  • RES 3: 105.376 61.8% retracement June-July downleg
  • RES 2: 105.361 100-dma (cont)
  • RES 1: 105.295 High Aug 9
  • PRICE: 105.235 @ 05:27 BST Aug 9
  • SUP 1: 105.025/104.930 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 and yesterday's move higher reinforces this theme. The contract has 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 is seen at 104.930, the Aug 4 low. A break would signal a possible reversal.

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