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(U3) Trend Needle Points South

SCHATZ TECHS
  • RES 4: 105.325 High Jun 14
  • RES 3: 105.295 High Aug 8 and a key resistance
  • RES 2: 105.067/165 50-day EMA / High Aug 10
  • RES 1: 105.050 High Aug 18
  • PRICE: 104.930 @ 05:02 BST Aug 23
  • SUP 1: 104.845/760 Low Aug 16 / 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 remain above last week’s low of 104.760 (Aug 15). Recent short-term gains appear to be a correction and a bearish threat remains present. The breach of 104.805 last week, Jul 17 low, strengthens a bearish theme. The focus is on 104.741, a Fibonacci retracement point. Clearance of this level would pave the way for a move towards 104.570, the Jul 6 low and the next key support. Firm resistance is seen at 105.067, the 50-day EMA.

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