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(U4) Heading North

SCHATZ TECHS
  • RES 4: 106.620 High Jan 4 (cont)
  • RES 3: 106.359 3.382 projection of the May 24 - Jun 4 - 7 price swing
  • RES 2: 106.308 3.236 projection of the May 24 - Jun 4 - 7 price swing
  • RES 1: 106.290 Intraday high
  • PRICE: 106.260 @ 06:07 BST Aug 2
  • SUP 1: 106.040/844 Low Jul 31 / 20-day EMA
  • SUP 2: 105.630 Low Jul 22
  • SUP 3: 105.495 Low Jul 11
  • SUP 4: 105.390 Low Jul 5 and a key support

The current uptrend in Schatz futures remains intact. The contract has traded through resistance at 105.975, the Jun 14 high. The clear break of this hurdle confirms a resumption of the bull cycle that started May 24. Sights are on 106.308 a Fibonacci projection. Firm support to watch lies at 105.807, the 20-day EMA, and 105.844, the Jul 22 low. A clear break of this average would be seen as a bearish development.

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