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(U9) Bear-Divergence Signals Still.....>
SCHATZ TECHS: (U9) Bear-Divergence Signals Still Prevail
*RES 4: 112.545 Channel top drawn off June 6 low
*RES 3: 112.500 Psychological level
*RES 2: 112.450 Range breakout projection
*RES 1: 112.415/420 Contract high Aug 5, Resistance line from June 18
*PRICE: 112.380 @ 04:29 GMT Aug 6
*SUP 1: 112.305 Bull channel base drawn of the June 6 low
*SUP 2: 112.260 Low Jul 18 and 26
*SUP 3: 112.235 Low Jul 16
*SUP 4: 112.210 Low Jul 10 and key support
U9 Schatz has managed to stretch out fresh contract high at 112.415 having
breached an 8 week resistance line. However, need to see a decisive break of
this resistance line, which has been re-drawn and comes in at 112.420.
Bear-divergence signals on daily studies along with a doji formation on Jul 24,
followed by a bearish engulfing session and a shooting star candlestick --
continue to warn of a correction.
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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.