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(U4) Monitoring Support At The 20-Day EMA

SCHATZ TECHS
  • RES 4: 107.120 2.00 proj of the May 24 - Jun 14 - Jul 5 price swing
  • RES 3: 107.000 Round number resistance
  • RES 2: 106.916 1.764 proj of the May 24 - Jun 14 - Jul 5 price swing
  • RES 1: 106.500/106.810 High Aug 6 / 5 and the bull trigger
  • PRICE: 106.295 @ 05:52 BST Aug 13
  • SUP 1: 106.094 20-day EMA
  • SUP 2: 105.878/893 50-day EMA / Low Jul 22
  • SUP 3: 105.495 Low Jul 11
  • SUP 4: 105.390 Low Jul 5 and a key support

An uptrend in Schatz futures remains intact and the latest pullback is considered corrective. The contract recently traded through 105.975, the Jun 14 high and the clear break of this hurdle confirmed a resumption of the bull cycle that started May 24. Sights are on 106.916, a Fibonacci projection. Firm support lies at 106.075, the 20-day EMA, and 106.094, the Jul 22 low. A clear break of the 20-day EMA would be seen as an early bearish development.

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