Free Trial

(U4) Testing 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: 106.205 @ 05:34 BST Aug 19
  • SUP 1: 106.153 20-day EMA
  • SUP 2: 105.950/630 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 still appears to be a correction. Note that for now, the contract remains above an initial firm support at 106.153, the 20-day EMA. It has been pierced, a clear break of it would be seen as an early bearish threat. Support at the 50-day EMA, lies at 105.950. For bulls, a resumption of gains would signal the end of the corrective cycle and open 106.916, a Fibonacci projection.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.