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(Z0) Bullish Outlook Dampened

SCHATZ TECHS
  • RES 4: 112.335 2.500 proj of Aug 26 - 27 bounce from Aug 28 low
  • RES 3: 112.328 2.382 proj of Aug 26 - 27 bounce from Aug 28 low
  • RES 2: 112.325 High Sep 8 and 9
  • RES 1: 112.290 High Sep 10
  • PRICE: 112.255 @ 05:15 BST Sep 11
  • SUP 1: 112.210 Low Sep 10
  • SUP 2: 111.190 Low Sep 1
  • SUP 3: 112.185 Low Aug 26, 27 and 28 and major support
  • SUP 4: 112.152 123.6% retrace projection of the Aug 26 - Sep 9 rally

Schatz futures had established a bullish tone following last week's strong rally but recent losses and yesterday's sharp sell-off have dampened this outlook. Key resistance has been defined at 112.325, Sep 8 and 9 high. A break of this hurdle would strengthen a bullish theme and open 112.328 and 112.335, both Fibonacci projections. A deeper sell-off however would instead expose major support at 112.185, the late Aug lows.

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