SCHATZ TECHS: (U5) Approaching Resistance

Aug-28 05:30

RES 4: 107.245 High Jul 24
RES 3: 107.185 High Aug 1
RES 2: 107.152 50-day EMA and a key area of resistance
RES 1: 107.125 High Aug 27
PRICE: 107.110 @ 05:58 BST Aug 28
SUP 1: 107.035/106.970 Low Aug 26 / 25 and the bear trigger
SUP 2: 107.964 1.618 proj of the Jul 7 - 11 - 22 price swing
SUP 3: 106.928 1.764 proj of the Jul 7 - 11 - 22 price swing
SUP 4: 106.870 2.000 proj of the Jul 7 - 11 - 22 price swing

The trend outlook in Schatz futures remains bearish, however, the contract traded higher yesterday and price remains closer to its recent highs. Resistance to watch is at the 50-day EMA, at 107.152. A clear break of this EMA would undermine a bear theme and signal scope for a stronger recovery. On the downside, the bear trigger has been defined at 106.970, the Aug 25 low.

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Historical bullets

SCHATZ TECHS: (U5) Remains Above Last Week’s Low

Jul-29 05:27

RES 4: 107.360 High Jul 22 and a key resistance
RES 3: 107.273 50-day EMA
RES 2: 107.233 20-day EMA
RES 1: 107.205 Low Jul 18
PRICE: 107.140 @ 06:06 BST Jul 29
SUP 1: 107.010 Low Jul 25 and a bear trigger
SUP 2: 107.993 1.500 proj of the Jul 7 - 11 - 22 price swing
SUP 3: 106.964 1.618 proj of the Jul 7 - 11 - 22 price swing
SUP 4: 106.928 1.764 proj of the Jul 7 - 11 - 22 price swing

Schatz futures traded sharply lower last week resulting in a break of key short-term support at 107.120, the Jul 11 low and a bear trigger. However, the contract has recovered from Friday’s low and recent price patterns highlight a potential base. A continuation higher would expose resistance at the 20-day EMA, at 107.233. The 50-day EMA is at 107.273. On the downside, key support and the bear trigger has been defined at 107.010, the Jul 25 low.

LOOK AHEAD: UK Timeline of Key Events (Times BST)

Jul-29 05:23

Date	UK	Period	Event
29-Jul	0930	Jun	BOE Lending to Individuals / M4
01-Aug	0930	Jul	S&P Global Manufacturing PMI (Final)
04-Aug	-	Aug	Bank of England Meeting
05-Aug	0930	Jul	S&P Global Services PMI (Final)
05-Aug	0930	Jul	S&P Global/CIPS Final Composite PMI
06-Aug	0930	Jul	S&P Global/CIPS Construction PMI
07-Aug	1200	---	Bank Of England Interest Rate
07-Aug	1230	---	BOE Press Conference
07-Aug	1400	Jul	BOE Decision Maker Panel Data
08-Aug	1215	---	BOE Pill At National MPC Agency Briefing
12-Aug	0001	Jul	BRC-KPMG Shop Sales Monitor
12-Aug	0700	Jul	Labour Market Survey
14-Aug	0700	Q2 / Jun	GDP / Services / Production / Trade / Construction
18-Aug	1530	---	DMO likely to publish FQ3 consultation agenda

LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)

Jul-29 05:18

Date	Time	Country	Event
29-Jul	0800	ES	GDP (p)
29-Jul	0900	EU	ECB Consumer Expectations Survey
30-Jul	0630	FR	GDP (p) / Consumer spending
30-Jul	0700	DE	Retail Sales
30-Jul	0800	ES	HICP (p)
30-Jul	0900	DE	GDP (p)
30-Jul	0900	IT	GDP (p)
30-Jul	0900	EU	ECB Wage Tracker
30-Jul	1000	EU	Consumer Confidence, Industrial Sentiment
31-Jul	0700	DE	Import/Export Prices
31-Jul	0745	FR	HICP (p) / PPI
31-Jul	0855	DE	Unemployment
31-Jul	0900	DE	State-level Inflation Data
31-Jul	1000	EU	Unemployment
31-Jul	1000	IT	HICP (p)
31-Jul	1100	IT	PPI
31-Jul	1300	DE	HICP (p)

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