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(U9) Fails to clear 112.60 *RES 4:.....>

SCHATZ TECHS
SCHATZ TECHS: (U9) Fails to clear 112.60
*RES 4: 112.718 2.618 Fibo projection of Jul 10-Jul 24 rally from Jul 26 low
*RES 3: 112.677 2.382 Fibon projection of Jul 10-Jul 24 rally from Jul 26 low
*RES 2: 112.610/619 2.000 Fibo projection / Bull channel top
*RES 1: 112.600 Contract high Aug 15, 16 and intraday high
*PRICE: 112.540 @ 03:05 GMT Aug 22
*SUP 1: 112.530 Low Aug 21
*SUP 2: 112.495 Low Aug 9,12 and 13
*SUP 3: 112.440 Low Aug 8
*SUP 4: 112.410/379 Low Aug 7 / Bull channel base drawn off the May 6 low
The inability to clear 112.60 is beginning to weigh on U9 Schatz. This has
increased the likelihood of a correction near-term. Adding to this is the fact
that prices have also recently traded at the top of the bull channel drawn off
the Jun 6 low. Initial key support at 112.535, the low of Aug 19 was breached
yesterday and attention shifts to 112.495 and potentially a deeper pullback
within the channel. A move above 112.60 is needed to reinstate a bullish theme.

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