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(U4) Support Remains Intact

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: 106.810 High Aug 5
  • PRICE: 106.285 @ 06:16 BST Aug 7
  • SUP 1: 106.235/994 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 recently traded through resistance at 105.975, the Jun 14 high. 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 to watch lies at 105.994, the 20-day EMA, and 105.630, the Jul 22 low. A clear break of the 20-day EMA would be seen as a bearish development.

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