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(U9) Correction seen ahead *RES 4:.....>

SCHATZ TECHS
SCHATZ TECHS: (U9) Correction seen ahead
*RES 4: 112.450/56 Range breakout projection / Channel top drawn off May 10 low
*RES 3: 112.400 Round number resistance
*RES 2: 112.385 Contract high July 24
*RES 1: 112.310 High Jul 26
*PRICE: 112.305 @ 02:58 GMT July 30
*SUP 1: 112.260 Low Jul 18 and 26
*SUP 2: 112.235 Low Jul 16
*SUP 3: 112.220/210 Low Jun 19 and 21 / Low Jul 10 and key support
*SUP 4: 112.209 Bull channel base drawn of the May 10 low
U9 Schatz failed to hold onto its highs last week and this is seen weighing on
sentiment. Candle patterns suggest a top is in place. A doji formation last
Wednesday followed by a bearish engulfing on Thursday, warns a correction is
likely near-term. Reinforcing this, prices traded below Thursday's 112.265 low
on Friday signalling scope for weakness towards 112.210, the low of Jul 10. A
break of 112.385 resistance is required to negate these bearish patterns.

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